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How the Panama Drought is Swelling LPG Prices

Onyx Alpha report cover

This week, the Panama Canal Authority (ACP) announced a significant reduction in the number of vessels permitted to traverse the Panama Canal daily. The decision, a response to the severe drought—the worst in over seven decades—has been attributed to the El Niño weather pattern, which has led to the driest October on record since 1950. Starting November 3rd, the ACP will lower the available transit slots to 25 per day, down from the previously decreased number of 31. The authority has also planned a phased reduction strategy that will eventually limit transits to 18 slots per day by the beginning of 2024.

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Chief Technology Officer

Ishaan Hemnani is the CTO of Onyx Capital Group. Prior to joining Onyx, Hemnani was the founder and CEO of BunkerEx - a platform that democratised access to data in the marine fuels industry.