Panama Canal is making major play to win back lost energy trade [CNBC]
Exxon Mobil Corporation (XOM)
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Source: CNBC
energy and tanker companies an alternative to move natural gas liquids across the critical global trade gateway. It is aiming to lure back key energy trade it lost due to severe drought vessel restrictions in recent years. The Panama Canal Authority is aiming to lure back lost energy trade with changes to its booking system for LNG canal transits, and with a new LNG pipeline project offering energy and tanker companies an alternative to move the commodity across the critical global shipping gateway. Ricaurte Vásquez, administrator of the Panama Canal Authority, tells CNBC that the canal is moving closer to reinstating a preferred booking slot system for LNG carriers as a way to bring back more of the business. LNG prebooking was removed during drought years and has not returned to date. "We most likely will reinstate that window of reservations for LNG vessels effective next year," Vásquez tells CNBC. The Panama Canal has moved to a long-term slot allocation approach, a bookin
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