World News
Nicaragua Canal Project Delayed by One Year
The $40 billion Nicaragua canal project that would create an alternative to the Panama Canal has been delayed for a year and will not start until 2015, BBC News reports.
Canal authority head Manuel Coronel Kautz said more time is needed to set a route and conduct feasibility studies, and the project will "probably" start next year.
Environmentalists say the project is risky for the area and could damage Lake Nicaragua, but President Daniel Ortega says it offers "economic independence" for the nation.
Several routes have been proposed for the canal, which Hong Kong's HKND Group is planning, but all of them are three times longer than the Panama Canal.
The project, which would also be deeper than either the Panama or Suez Canal, has come under fire from some who argue that the HKND Group and its leader, Wang Jing, have little relevant experience, but Wang has said it will benefit from partnerships with experienced construction firms.
The expansion of the Panama Canal has been hit with repeated delays, and a dispute over cost overruns has threatened to stop progress on the project.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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