World News
Maersk Line Supports Nicaraguan Canal
Maersk Line is publicly voicing support for the proposed construction of a Nicaraguan Canal that would serve as an alternative to the Panama Canal, industry news site ShippingWatch reports.
"Building a Nicaragua Canal seems to make good sense," said Keith Svendsen, head of daily operations for Maersk Line.
"The canal is projected to have room for the biggest ships, while also saving 800 kilometers on a journey from New York to Los Angeles."
The canal's developer plans to present a feasibility study on the project by July 1.
Svendsen said Maersk Line's biggest ships, the 400-metre Triple-E vessels, will be unable to pass through the Panama Canal even after its current expansion is finished because the size limit will be 336 metres.
Chinese businessman Wang Jing is behind the $40 billion canal project, which is backed by state-owned Chinese companies.
Wang said last June that he hopes to break ground on the project by the end of 2014 and finish it in less than six years.
Last year, Maersk Line said it was switching Asia-U.S. routes from the Panama Canal to the Suez Canal so that it could use larger ships.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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