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June 11, 2008
A man, a plan, a canal. Panama!
Turns out that the Panama canal has been misbehaving in recent weeks, which likely hasn't been helping U.S. oil inventories. Transit times for the canal had ballooned to 10 days, and only now are they down to a more typical 36 to 48 hours. Similarly, the backlog of ships has fallen to 36 from a whopping 130.
Why the Panama problem? No-one is really sure. The Panama Canal Authority says it was lock repair, plus heavy arrivals, and a labor dispute, but shipping agents aren't convinced, with one saying that it was the worst he had seen in his lifetime.
By way of background, the Canal handles 600,000 bbl/d of crude oil, and such shipments represent about 15% of canal traffic.
[via Lloyd's List]
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