Speaking at a conference in Singapore, Panama Canal Administrator Jorge L. Quijano delivered remarks on the recent progress of the Canal’s Expansion Program, and the new possibilities it will bring to LNG trade once these vessels can transit the waterway.
The global market for LNG continues to grow rapidly, and with it, so has the worldwide fleet of carriers designed to transport LNG. Quijano underscored the need to accommodate the increasing traffic of this segment and the opportunity the canal’s expanded lane will soon offer LNG vessel operators.
“With the development of LNG export infrastructure in the United States, coupled with the Panama Canal Expansion opening its locks for LNG transit, the Asian supply matrix will change,” Quijano stated.
Quijano highlighted the broader global shipping trends impacting Asia, and emphasized the increasingly strategic value the Canal holds for trade between Asia and the Americas.
“The route from the Gulf of Mexico to Asian countries through the expanded Canal will be around 22 days, saving around 22.8 days in roundtrip,” said Quijano.
Quijano added that this shortened route makes U.S. gas deliveries to major Asian importers very competitive.
Image: Canal de Panama