• 2018 December 17 16:41

    Moody's reaffirms Panama Canal's A2 long-term rating with stable outlook

    Moody's Investors Service reaffirmed the Panama Canal Authority's (ACP) A2 long-term rating with a stable outlook, based on its distinctive position as an infrastructure asset with a unique geographic advantage and business model, and its strong historical operational and financial performance, ACP said in a press release.

    According to Moody's, the ACP's strong financial performance has resulted in better than anticipated financial metrics, driven by the successful operations of the Expanded Panama Canal. The credit rating agency noted the Canal's strong operating track record and robust growth after the Expansion. Factoring into its decision, Moody's cited "the Canal's unique role in waterborne trade especially for the container cargo Northeast Asia-US East Coast route and its ensured long-term viability as a result of the Expansion Program's completion."

    "Once again the credit rating agency confirms the great operational and financial strength of the Canal and recognizes that the robust institutional structure and governance continue to be key to the success of the Panama Canal Authority," said Panama Canal Vice President of Finance Francisco J. Miguez.

    Moody's also takes into account the clear legal framework that creates a reliable and stable operating environment, "as well as the ACP's long track record of very strong operating and financial performance that has withstood financial downturns and kept pace with global seaborne trade growth."

    The credit rating agency noted that the Canal has demonstrated resiliency in times of economic downturn. Moody's highlighted that "despite macroeconomic factors, such as sluggish economic global performance, tariff disputes, and a low demand for raw materials in Latin America and Asia, that could negatively impact the canal's operations, Moody's estimates tonnage to continue increasing during 2019."

    In August, Fitch Ratings affirmed the ACP 'A' investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes. In July, Standard & Poor's (S&P) Global Ratings improved the Canal's outlook from ‘stable' to ‘positive,' and also affirmed its 'A-' rating of the waterway.

    About the Panama Canal Authority (ACP)
    The Panama Canal Authority (ACP) is an autonomous legal entity of the Republic of Panama in charge of the operation, administration, management, preservation, maintenance, and modernization of the Panama Canal, as well as its activities and related services, so that the Canal may operate in a safe, continuous, efficient manner.




2019 March 19

18:25 Navigation support tool receives 2018 Hydrographic Technology Encouragement Award
18:05 NYK holds conferences to improve the safety of its dry bulk fleet
17:36 Abu Dhabi Ports collects over 120 tons of floating sea debris
17:05 JAXPORT sets record with largest container ship to call Jacksonville
16:35 NYK introduces its market analysis initiatives using AI and big data
16:10 BigLift Shipping and Chung Yang Shipping cooperate in heavy transport
15:53 BW Group purchases a majority stake in Epic Gas from key shareholders and launches unconditional tender offer
15:23 Bunker market sees mixed price movements at the Far East ports of Russia (graph)
15:12 Royal IHC to design and deliver dredge installations for Van Oord
15:02 CMA CGM updates THC in Lithuania ports
14:31 Wight at the forefront of environmental stewardship – Hybrid Explorer Vessel
14:02 Maersk has announced FAK rates from Far East Asia to Mediterranean
13:31 GC Rieber Shipping: Shearwater GeoServices awarded acquisition and processing contract in Turkey
13:01 PIL starts new Middle East service – China Straits Gulf
12:41 V.Ships Leisure teams up with Mystic Cruises to provide crew services for the first expedition vessel, World Explorer
12:20 Global cruise industry meets at Posidonia Sea Tourism Forum 2019
12:01 Global Ship Lease agrees three-year charter with Hapag-Lloyd
11:30 ICTSI upgrades Lae unit ahead of schedule
11:19 10 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 18-19
11:00 ABS expands Best Practices for Ballast Water Management Systems
10:41 Icebreakers of FSUE Rosmorport assisted about 6,000 ships in navigation season 2018-2019
10:22 Brent Crude futures price is up 0.12% to $67.62, Light Sweet Crude – down 0.08% to $59.38
10:04 Draft Decree of RF Government foresees allocation of RUB 4.1 billion for reconstruction of Zhatai Shipyard
09:58 Panama Canal and Maersk to join the IMO-supported Global Industry Alliance to Support Low Carbon Shipping
09:46 MABUX: Bunker Market this morning March, 19
09:19 Baltic Dry Index is up to 721 points

2019 March 18

18:26 American Roll-on Roll-off Carrier loads Army aviation unit cargo in Thessaloniki
18:16 Wagenborg SPMTs to relocate giant MV-piling rig at the port of Rotterdam Maasvlakte
18:05 RF President launched Balaklavskaya and Tavricheskaya TPPs and Port substation in Taman
18:00 Indian Register of Shipping wins 5-year contract to provide Emergency Response Services for 33 vessels of The Shipping Corporation of India
17:36 Kawasaki Heavy Industries delivers bulk carrier Divinegate for Indigo Marine Shipping
17:30 NCSP Group’s consolidated cargo turnover for January 2019 increased by 3.3% to 12.063 million tonnes
17:05 Fincantieri starts works in Ancona on the new ship for Viking
16:38 RF Government allows LNG transportation along Northern Sea Route by certain foreign ships
16:32 Flensburger Schiffbau-Gesellschaft delivers sixth new building Ro-Ro for SIEM
16:27 Castor Maritime announces time charter contract for Panamax vessel with Oldendorff Carriers
16:13 CMA CGM announces GRR from East Coast South America to West Africa, East Africa, South Africa, Arabian Gulf and West Coast North of India
15:52 Average wholesale prices for М-100 HFO up to RUB 19,421 in RF spot market
15:51 Two NYK tugboat subsidiaries to merge
15:33 Global Ports Holding and MSC Cruises announce agreement to support Antigua
15:20 Iceberg to develop design and engineering documentation for nuclear-powered icebreaker of project 10510, Leader
15:13 CMA CGM announces GRR from Asia to South Africa
14:33 CMA CGM to apply GRI from Canada West Coast to worldwide destinations (Excluding Africa, EU, Russia and USA)
14:01 MSC adds vessel to its Lone Star service from Asia to USEC and Gulf of Mexico
13:46 Victor Gusev appointed General Director of Nakhodka Sea Fishing Port
13:27 Jumbo wins offshore subsea decommissioning project in North Sea
13:11 The largest fuel tanker to enter Port of Newcastle
12:55 10 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 17-18
12:31 Contship Italia S.p.A. has entered into negotiations with MSC for sale of MCT
12:10 Maersk Line announces FAK rates – Scope Far East Asia to Mediterranean
11:51 Russia, Finland satisfied by shipping and environmental cooperation in Baltic and Arctic regions
11:32 Navig8 Chemical Tankers enters into sale and leaseback agreements with ICBC for four 37,000 DWT product oil/chemical tankers
11:02 Incheon Port container volumes up 7.5% to 266,000 TEU in January 2019
10:44 MABUX: Bunker market this morning, Mar.18
10:15 SCF achieved adjusted profit of USD 6.9 million for 2018 vs USD 5.3 million loss for 2017
09:54 USA, EU and Canada impose sanctions on several Russian shipyards
09:36 Brent Crude futures price is down 0.21% to $67.02, Light Sweet Crude – down 0.21% to $58.61
09:19 Baltic Dry Index is up to 730 points
08:07 Port of Oakland cargo volume down 1.3 percent in February 2019
07:26 Port of Long Beach container volumes down 9.8 percent in February 2019