World News
Date Set for Opening of Expanded Panama Canal
The Panama Canal Authority (ACP) Wednesday announced that the expanded canal will be officially inaugurated on Sunday June 26, 2016.
"The dream of Expansion will become a reality when we inaugurate the biggest infrastructure project in the history of the Canal and the country of Panama," said Jorge L. Quijano, Chief Executive Officer, ACP.
The news came alongside the inauguration ceremony of the Canal's Scale Model Maneuvering Training Facility.
"The Scale Model Training Facility will allow us to continue providing world-class service to the global maritime industry, while guaranteeing safe and efficient transits through the soon-to-be inaugurated Expanded Canal," said Quijano.
As Ship & Bunker has previously reported, the Panama Canal expansion project has been delayed a number of times, the most recent cause of which was when the new Cocoli locks began to leak in August 2015.
Work to fix the leaks was completed in February.
Also announced Wednesday was the launch of a new VLGC, the Sumire Gas, by Japan-based Astomos Energy, which has been built to take advantage of the increase in vessel size afforded by the expanded canal.
In March of 2016 Ship & Bunker reported that low bunker prices could mean that some vessels could save money by taking a detour to avoid the canal and its charges.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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