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Iran’s declared closure of the Strait of Hormuz and a wartime-high wave of tanker attacks dominated a week that also brought record containership orders, major port and tanker-fleet acquisitions, and new fuel-transition milestones.
The Panama Canal Authority reported a record 521 million tons of cargo and a 4.1% rise in transits for fiscal year 2026, while reinstating its Last-Minute Reservation service for Panamax locks following improved watershed rainfall.
The Port of Long Beach handled 997,177 TEUs in September, the busiest month in its 115-year history, as import volumes jumped 31.3 percent on cost-saving diversions from the Panama and Suez canals.
The Panama Canal Authority is extending its Long-Term Slot Allocation program to the Panamax locks for the first time, offering sealed-bid auctions for transit dates during the 2027 dry season.
The Panama Canal Authority is raising the maximum authorized draft for Neopanamax locks to 49 feet and adding a daily transit slot after rainfall eased months of drought-driven restrictions.
The Baltic Dry Index has extended its recent gains as tight vessel availability, driven partly by ongoing Panama Canal draft restrictions, pushes LPG and grain cargoes onto longer routes via the Cape of Good Hope.
Marine insurer The Swedish Club has warned shipowners that Cape Horn and the Strait of Magellan remain a risky third-choice option, not a routine substitute, as tightening Panama Canal restrictions push some to consider longer southern routes.
Naval engineer Ilya Espino de Marotta has taken office as Panama Canal Administrator, becoming the first woman in the waterway’s 112-year history to hold the top post.
The Panama Canal Authority has delayed a scheduled reduction in the maximum draft for Neopanamax Locks for the second time in weeks, citing water levels and a strengthening El Niño.
The Panama Canal Authority is temporarily easing restrictions on its Neopanamax transit reservation system, allowing shippers to book multiple and consecutive slots as the waterway juggles strong vessel demand against a worsening water outlook.
