The Panama Canal Authority hosted executives from US LNG exporter Cheniere Energy, with the aim to discuss the canal’s increasing LNG vessel segment and opportunities for future growth.
When the Expanded Canal was launched in June 2016, it opened the waterway up to 90% of the global LNG fleet and allowed LNG producers in the US to ship natural gas to Asia. Since then, the Canal’s Neopanamax locks have transited more than 280 LNG vessels.
Panama Canal’s Administrator Jorge L. Quijano said:
“As exports from the United States increase, LNG transits could increase by 50 percent by as early as September. The meetings with Cheniere allowed us to hear about customers’ experience transiting the Neopanamax locks first-hand, and to collaborate on ways we can continue meeting this growing demand from the LNG industry.”
Currently the Panama Canal offers one reservation slot per day for LNG vessels. The Canal has increased to two fully loaded LNG vessels a day, to accommodate customers’ needs. The LNG transit days have become more, because of the optimization achieved by traffic scheduling and close coordination with Canal customers. Panama Canal is also working towards increasing the number of LNG vessels that can transit the Neopanamax locks in a day.
Eric Bensaude, Managing Director, Commercial Operations and Asset Optimization for Cheniere, noted:
“Our visit allowed a greater understanding of the complexities around the Panama Canal operations. We are very appreciative of the collaboration with the Panama Canal to facilitate our 62 transits in 2017, positioning Cheniere as the largest LNG user of the Canal.”
