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IPFS News Link • Business/ Commerce

Panama Canal Chaos Might Spread To Suez, Greek Shipping Exec Warns

• Zero Hedge

Update (1234ET):

The giant bottleneck building at both entrances of the Panama Canal might spread to Egypt's Suez Canal. This is according to Bloomberg, which quoted a top executive at Greek shipping firm Angelicoussis Group during a conference in Athens. 

Sveinung Støhle, the company's deputy chief executive officer, said, "Suez will need to take a lot more vessels" because the drought-stricken Panama Canal has sailing restrictions. 

He noted that the Suez Canal, which serves as an alternative route for ships traversing between the US and Asia, has historically managed congestion issues "very well over the years," making it "less of an issue, but obviously, it's something you need to be aware of." 

The bottleneck at the Panama Canal has only allowed companies with pre-booked slots to sail the canal, Støhle said. He said only four or five LNG vessels are sailing the canal each month, down from about 30 before restrictions were put in place earlier this year.