Speaking at the Sea Asia conference in Singapore Thursday, Panama Canal Administrator Jorge L. Quijano delivered remarks to maritime executives and professionals on the recent progress of the Canal's Expansion Program, and the new possibilities it will bring to liquefied natural gas (LNG) trade, once these vessels can transit the waterway, the company said in its press release.
The global market for LNG continues to grow rapidly, and with it, so has the worldwide fleet of carriers designed to transport LNG. As part of his presentation at the Sea Asia Global Forum, Quijano underscored the need to accommodate the increasing traffic of this segment and the opportunity the Canal's expanded lane will soon offer LNG vessel operators.
"With the development of LNG export infrastructure in the United States, coupled with the Panama Canal Expansion opening its locks for LNG transit, the Asian supply matrix will change," Quijano stated.
Administrator Quijano continued the presentation by highlighting the broader global shipping trends impacting Asia, and emphasized the increasingly strategic value the Canal holds for trade between Asia and the Americas.
"The route from the Gulf of Mexico to Asian countries through the expanded Canal will be around 22 days, saving around 22.8 days in roundtrip," said Quijano, "Making U.S. gas deliveries to major Asian importers very competitive."
While at the conference, the ACP participated along with the Panama Maritime Authority and the Ministry for Commerce and Finance as part of the Panama Pavilion exhibit, providing conference participants information about Panama's offerings to maritime trade.
The Panama Pavilion was awarded Best Country Pavilion Award at Sea Asia 2015 and received attention from many prominent maritime executives, including: David Chin, President of the Singapore Maritime Foundation; Jiro Asakura, President of the Japanese Shipowners' Association; Makoto Hashizume, CEO of K Line Container; Asia Division; Tan Chong Meng, Group CEO of PSA International Pte Ltd.; and Lui Tuck Yew, Singapore's Minister of Transport. "We are honored to receive the Best Country Pavilion Award at an event so meaningful to the global shipping industry," said Quijano.
Sea Asia, organized by Seatrade and Singapore Maritime Foundation, is the world's premier maritime conference and exhibition, gathering the most influential and respected leaders in the maritime industry. The Sea Asia 2015 conference and exhibition is held at Marina Bay Sands Convention Center in Singapore on April 21-23, 2015.