Drought Increases VLGCs Shipping Rates To Record Highs ...Middle East

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Drought Increases VLGCs Shipping Rates To Record Highs
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A drought is causing significant delays for ships traversing the Panama Canal and increasing shipping rates for Very Large Gas Carriers to record highs. This, in turn, is increasing shipping costs for LPG from the United States, the Energy Information Administration said on Tuesday. The Panama Canal Authority has stated that the water levels at the artificial Gatun Lake are at their lowest levels in nearly 30 years on lower-than-normal precipitation. Gatun Lake lies between the Atlantic and Pacific locks, and is the reservoir for holding the water…

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