JOURNAL ARTICLE

Glencore Sends a Oil Tanker Thousands of Miles to Dodge Chaos of Panama Canal.

  • Published In: Bloomberg.com, 2023. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Wittels, Jack 3 of 3

Abstract

An oil tanker chartered by Glencore is taking a longer route to New York in order to avoid disruptions at the Panama Canal. The tanker, called the High Loyalty, is currently sailing round South America to bypass the costs and unpredictability of passing through the canal. The reduction in water levels at the canal has led to a decrease in the number of vessels allowed to pass through, increasing freight costs. This diversion is a rare occurrence, as the last time oil was shipped from Chile to the US Northeast was in spring last year. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2023/11, pN.PAG
  • Document Type:Article
  • Subject Area:Power and Energy
  • Publication Date:2023
  • Accession Number:173752135
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