Congestion causes an increase in gas spot freight (Panama Canal Photo)

According to Bloomberg, during the last week of October, the average waiting time for unreserved ships to cross the Panama Canal was 10 to 15 days.

The Panama Canal Authority (ACP), in an e-mail statement, has reported that these delays are a result of"a combination of seasonal fog, the number of arrivals above average and the implementation of reinforced safety procedures due to the Covit-19 pandemic". The ACP has stressed that ships with a reserve have their dates secured and that delays only affect those without a reserve. As a measure to alleviate the situation, the Canal has adjusted its operations to raise the average of daily transits from 32 to 37.

The congestion of ships waiting to cross the Panama Canal is particularly affecting methaners and ships for the transport of liquefied oil gases (LPG) from the Gulf of Mexico and to Asia, coinciding with a seasonal increase in demand during the winter period.

As a result, the available fleet of gas tankers has been significantly reduced, and freightspothave rebound during the month of October, about 50% for methaners and 25% for ships for the transport of LPG.