Monday, December 06, 2021

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Accident in Suez Canal will increase insurances

Accident in Suez Canal will increase insurances

Panama, Mar 30 (Prensa Latina) Ricaurte Vasquez, administrator of the Panama Canal Authority, assured on Tuesday that the accident in the Suez Canal delayed the supply chains and will increase insurance in the world.
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Vasquez stated that this will adversely affect not only the inter-oceanic canal, but also the industry, freight insurance and cargo movement, which will reach its destination out of time.

About the effect in the volume of goods that cross the century-old Panama Canal, he said that it will be very low because, although both canals do the same business, the Panama Canal serves different markets and destinations, in addition to transporting other products. He pointed out that most of the cargo that goes through the Suez Canal goes to European ports, while the ships that cross the Panama Canal are mainly container ships, whose origin is in Asia to the United States.

While 20,000 ships pass through the Suez Canal every year, about 12,000 vessels do so through the Panama Canal, said Vasquez, who noted that other important movements through Panama started in the United States bound for Asia and in some cases to South America with products such as cereals, corn, soybeans, natural gas, liquefied gas and oil.

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