Suezmax makes historic transit across the Panama Canal

Suezmax makes historic transit across the Panama Canal

On a day where suezmax tankers were trading on the Baltic Exchange time charter market for less than $1,000 there was one cause for celebration. The Greek tanker Aegean Unity yesterday became the first suezmax to cross the expanded Panama Canal.

Suezmaxes were unable to transit the old canal.

Baere Maritime chartered the ship to move crude from the west coast of the US to the Bahamas. The vessel is understood to be just partially loaded. Fully loaded suezmaxes are unlikely to be able to transit the expanded waterway.

Suezmax rates are looking like they are headed for historic lows. The Baltic Exchange’s time charter equivalent rate slumped to just $871 a day on Thursday.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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