The Panama Canal is one of the world's most important trade routes and is popular for East Coast trade because it is faster than other options. The shipping time for ocean cargo from Shenzhen, China, to Miami, Florida, using the Suez Canal takes 41 days. Traveling through the Panama Canal takes only 35 days. (Related: Panama Canal traffic nearly HALTED due to "drought," global supply chain NIGHTMARE to unfold.) The news outlet also said that London-based Stolt-Nielsen, the world's largest operator of sophisticated chemical tankers, has begun to charge customers for longer routes to steer clear of the "traffic" at the Panama Canal. Its tankers are being diverted around the Cape of Good Hope or through the Strait of Magellan off the tip of South America. Of course, the longer route has forced customers to pay additional transiting costs. "Stolt Tankers has found that the service through the Panama Canal has become increasingly unreliable in recent months," the company said in an email response to Bloomberg. "Our customers need reassurance that their cargo will arrive on time to avoid negatively impacting their supply chains, therefore, we have been rerouting our ships via the Suez Canal." Meanwhile, experts say canal authorities will increase traffic once the rainy season begins in mid-2024. Some vessels have waited nearly three weeks to pass through the waterway. According to Stolt-Nielsen, other shipping companies are notifying customers about similar strategies to manage the congestion at the canal.The Panama Canal has become so backlogged that the world’s largest operator of chemical tankers has decided to reroute its fleet through the Suez Canal https://t.co/01rPi3a1K7
— Bloomberg (@business) November 27, 2023
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