Lamborghini Runs Amok in Kanpur Market, Hits Vehicles, Injures Pedestrian; FIR Filed Against Tycoon’s Son

KANPUR: Chaos erupted in a busy market area of Kanpur on Sunday after a high-speed Lamborghini rammed into multiple vehicles and injured a pedestrian in the Gwal Toli police station limits.

According to police, the luxury car first struck an autorickshaw before veering out of control and crashing into a parked motorcycle. The incident caused panic among shopkeepers and pedestrians, leaving several vehicles damaged and at least one person injured.

The police have seized the car and registered an FIR. Officials said the Lamborghini is registered in the name of tobacco businessman K.K. Mishra and was being driven by his son, Shivam Kumar Mishra (45), at the time of the accident.

Preliminary investigations indicate that the Delhi-registered vehicle was being driven at an excessive speed when it hit the autorickshaw. After the initial collision, the car reportedly accelerated further, lost control near a turn, and slammed into a motorcycle belonging to Arya Nagar resident Vishal Tripathi, who was standing nearby.

During the commotion, a pedestrian identified as Taufiq, a resident of Chaman Ganj Ghosiyana, sustained injuries while trying to flee the speeding vehicle. He was reportedly on his way to Karbala when the accident occurred and was later sent for medical examination.

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Suez Canal Bank joins Partnership for Carbon Accounting Financials

Suez Canal Bank has officially joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative comprising more than 700 financial institutions across six continents, aimed at standardising the measurement and disclosure of financed emissions arising from lending and investment activities.

The move reflects the bank’s ongoing efforts to integrate climate considerations across its operations and underscores its commitment to environmental sustainability, in line with the direction of the Egyptian government and the Central Bank of Egypt towards a greener, low-carbon economy.

By adopting PCAF methodologies, Suez Canal Bank will be able to identify carbon-intensive sectors within its financing portfolio, enhance credit and portfolio risk assessments, and strengthen its capacity to design green and transition finance solutions tailored to clients’ needs.

The membership marks a significant milestone in the bank’s efforts to align with international best practice in environmental, social and governance (ESG) disclosure, comply with evolving regulatory requirements, and unlock new opportunities to attract climate-aligned investment.

Commenting on the development, Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, said the bank has already taken proactive steps to measure emissions associated with its financing activities. He added that joining PCAF represents a key step in embedding sustainability within the bank’s business model and reinforces its commitment to adopting unified international methodologies that enhance transparency and support the expansion of green finance, in line with Egypt’s National Climate Change Strategy and Egypt Vision 2030.

For her part, Angélica Afanador, Executive Director of the PCAF Secretariat, welcomed Suez Canal Bank’s accession to the partnership, describing it as an important step towards advancing sustainable finance in Egypt. She noted that by committing to measuring and reporting emissions linked to financial activities, the bank is enhancing transparency in the region and taking concrete steps towards effective emissions management.

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Panama Canal Drives a Decade of Transformation to Ensure Sustainability

The Panama Canal has unveiled an ambitious ten-year roadmap designed to reinforce its strategic role in global trade, safeguard long-term sustainability, and deliver tangible benefits to the nation.

The canal’s vision rests on two main pillars. First, water security, achieved through increased storage capacity for human consumption and canal operations which ensure resilience over the long term. Second, sustained growth, by diversifying business activities and expanding transport capacity without increasing water usage. With these measures, the canal seeks to capture maximum value from its route and to remain the preferred option for global customers.

With this vision, the Panama Canal will evolve beyond an interoceanic passage and become a logistics hub, strengthening Panama’s competitive edge in world commerce.

The strategy was presented at a media event chaired by the Minister for Canal Affairs, Jose Ramón Icaza; the Canal Administrator, Ricaurte Vásquez Morales; and the Deputy Administrator and Sustainability Officer, Ilya Espino de Marotta

Strategic Projects

The Panama Canal will invest more than B/. 8 million in strategic projects that will not only create jobs for Panamanians but will also drive national economic growth. The increase in revenue derived from these initiatives will enable the canal to transfer larger annual contributions to the National Government, which will be invested in social development projects for the benefit of the population.

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Emerging Markets Aid China’s Port, Export Growth amid US Trade Volatility

China’s port cargo throughput rose by 5% yoy in 2Q25, accelerating from 3% in 1Q25, driven by stronger demand from the EU and emerging markets (EMs), which supported higher volumes at both coastal and river ports, says Fitch Ratings. However, the risk of trade volatility remains due to uncertainty over US tariffs.

Export value growth remained resilient at 6.0% yoy in 2Q25, compared with 5.7% in 1Q25. Increased shipments to the EU and EMs – including ASEAN, Africa, and Latin America – helped offset a sharp 23.9% yoy decline in exports to the US following the implementation of tariff hikes in April.

The Shanghai Containerized Freight Index and China Containerized Freight Index declined by 7% and 14% qoq, respectively, in 2Q25. The drops were largely due to an oversupply of shipping capacity, which was intensified by the ongoing trade friction.

Negotiations between China and the US have yet to deliver a long-term tariff agreement, though the current truce has been extended by 90 days beyond the original mid-August expiration. Further extensions could support trade volumes, but the risk of renewed tariffs remains high. We expect volatility to persist in the coming quarters, keeping downside risks to China-US trade volumes elevated.

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Prompt cargoes weigh on North Sea differentials, but traders see recovery ahead

While an ongoing excess of prompt cargoes has kept North Sea crude differentials moving sideways around multi-month lows, traders have remained optimistic for a recovery ahead, with an ongoing mixed structure seen across the two forward months encompassed in the Brent CFD complex similarly suggesting the market has found a floor.

An overhang of WTI Midland cargoes arriving across May and June in recent weeks has been pinpointed as a catalyst for the collapse of differentials of adjacent crudes in the Dated Brent basket, creating a difficult environment for sweet barrels to find homes.

Platts, part of S&P Global Commodity Insights, last assessed differentials for WTI Midland on a CIF Rotterdam basis at a 69.5 cents/b premium to Dated Brent May 14, hovering around a three-month low of a 67-cent/b premium as copious offering activity continues in the Platts Market on Close assessment process.

In fact, MOC sessions in recent weeks have seen some of the highest number of offers for WTI Midland left outstanding in the MOC since its introduction to the Dated Brent basket in 2023, with the highest being nine outstanding offers reached in the April 29 session.

Sources suggested that strong supply was at least partially responsible for the ongoing trend of relatively early public cargo nominations into the Cash BFOE chaining mechanism, with a lack of attractive bids in the over-the-counter market incentivizing the placement of some early-June Midland arrivals into chains.

Despite the looming prompt overhang, sentiment seemed to have taken an upbeat turn with market participants not seeing much further downside from recent lows.

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The role of e-fuels in Maritime decarbonisation: insights from the New Energies Coalition study

The maritime sector is at a critical juncture in its journey towards decarbonisation. As global regulations tighten and pressure mounts to reduce greenhouse gas (GHG) emissions, alternative fuels such as e-fuels are emerging as a viable solution. A recent study conducted by the New Energies Coalition, in collaboration with France Gaz Maritime, EVOLEN, and Ricardo plc, provides key insights into the potential of e-fuels to drive sustainable transformation in the shipping industry.

The significance of e-fuels in shipping

E-fuels, produced using renewable electricity and green hydrogen, offer a promising route to significantly lower emissions in the maritime sector. The study evaluates the environmental performance of e-fuels, including hydrogen, e-ammonia, e-methanol, and e-methane, with a focus on their lifecycle emissions and compliance with FuelEU Maritime regulations.

The findings indicate that all assessed e-fuels can meet the FuelEU Maritime GHG intensity limits at least until 2040, and in most cases, until 2045—even under conservative emission scenarios. Optimised production and usage pathways could lead to over 90% GHG reductions compared to conventional fossil fuels, ensuring compliance with the 2050 FuelEU targets.

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HD Hyundai exports HiMSEN engines to 60 countries, dominating global market

As the incoming U.S. President Donald Trump’s announcement of a tariff bomb looms mid-month, the situation surrounding the impeachment of the President and Acting President makes it difficult for South Korea’s economy to see even one step ahead. Amid the chaotic conditions both inside and outside the country, South Korean corporations armed with the world’s best technology are challenging the global summit. Here, we take a look at the companies that shine a light on South Korea in the world.

On the 26th of last month, at the HD Hyundai Heavy Industries Ulsan Shipyard in Dong-gu, Ulsan, all 10 docks were filled with ships under construction. This yard can produce a maximum of 50 ships annually. In the largest dock, which is the size of nine soccer fields, four liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers, measuring up to 300 meters in length, were being constructed simultaneously.

The engines that propel these ships and generate power are referred to as the heart of the ships. Upon entering the powerful engine plant 2 within the shipyard, dozens of HiMSEN Engines, weighing up to 90 tons and measuring 3.5 to 4 meters high, were lined up. The HiMSEN Engine is a medium-speed engine developed independently by HD Hyundai Heavy Industries after more than a decade of research and was first introduced in South Korea in 2000. While large engines drive the ships propellers, medium engines are responsible for electricity generation within the ships, equipped with generators at the end of the engine.

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Asia Distillates-Paper activity picks up; Dec outlooks mixed | Maritime Crew

Asia’s middle distillates markets for the week were trading in a tight range, though physical December cargoes remained heavily discussed and Friday paper trades in full swing.

Paper trading activity on the window picked up on the last trading day for November cargoes, reversing the early week’s tepid activity.

Term negotiations came into full play, with at least one more major refiner in Taiwan offering their sale cargoes for next year loading. Discussions were mostly at premiums of 10-30 cents a barrel so far, multiple trade sources said.

December market outlooks remained mixed in the spot market, as evidenced by the differing price discussion levels, with refiners’ spot sales done at premiums in the early week but the market falling to slight discounts in the two trading sessions.

On the jet fuel front, discussions remained muted as sellers were still missing in action from December spot sales, despite a healthy regrade value, one source said.

Refining margins for 10ppm sulphur gasoil were around 50 cents higher week on week, closing the trading week at around $15.4 a barrel.

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Port of Long Beach Sees Strongest September on Record | Sea Vessel Jobs

Demand for holiday-related goods nudged the Port of Long Beach to its most active September and busiest quarter on record as shippers continued to move goods ahead of a labor contract deadline for seaports on the East and Gulf coasts that resulted in a three-day strike at the start of October.

Dockworkers and terminal operators moved 829,499 twenty-foot equivalent units last month, up just 70 TEUs from the previous record set in September 2023. September also marked the Port’s fourth consecutive monthly year-over-year cargo increase. Imports increased 2% to 416,999 TEUs, exports declined 12.8% to 88,289 TEUs and empty containers moving through the Port rose 1.5% to 324,211 TEUs.

“We have plenty of room across our terminals as the peak shipping season drives a record amount of cargo through this critical gateway for trans-Pacific trade,” said Port of Long Beach CEO Mario Cordero. “We are anticipating continued growth through the rest of the year as retailers stock the shelves for the winter holidays.”

“Our ability to work with industry and workforce partners allows us to move large volumes of cargo reliably, quickly and sustainably,” said Long Beach Harbor Commission President Bonnie Lowenthal. “Additionally, we continue to deliver strong customer service to meet the needs of consumers and the national supply chain.

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PT Oiltanking Karimun Terminal name changed to PT Oil Terminal Karimun | Sailors Today

PT Oiltanking Karimun Terminal, Indonesia, which is a Platts-approved terminal in the Singapore Market On Close assessment process, has changed its name to PT Oil Terminal Karimun.

The name change came into effect after a change in equity shareholding, when Oiltanking sold its entire stake in the terminal to Novus Middle East DMCC (UAE).

Only the equity shareholding and the name of the terminal have changed, while all other assets, personnel, and operational/logistical aspects of the terminal remain unchanged.

Platts, part of S&P Global Commodity Insights, will reflect the new entity name in the Asia Pacific and Middle East refined oil products specifications guide.

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Fleet Management Limited Appoints Chief Executive Officer | Seamen Job

Fleet Management Limited (“Fleet” or the “Company”), a part of The Caravel Group Limited (“Caravel” or the “Group”), announces the appointment of Captain Rajalingam (‘Raja’) Subramaniam as the new Chief Executive Officer. He joins the Company on Monday, October 21, 2024, as “CEO Elect,” and officially assumes the role on Wednesday, January 1, 2025. Captain Subramaniam will report to Dr. Harry S. Banga, Chairman and CEO of The Caravel Group.

Captain Subramaniam will succeed Dr. Kishore Rajvanshy, who has served as Managing Director of Fleet Management Limited since the Company’s inception thirty years ago. During his tenure, Dr. Rajvanshy has led Fleet Management Limited’s growth into the world’s second largest third-party ship management company. Dr Rajvanshy will transition to “Managing Director Emeritus” and remain as a “Non-Executive Director” in a senior advisory role. Mr. Angad Banga JP will continue to serve as the Group Chief Operating Officer of The Caravel Group, the parent company of Fleet, and actively support Fleet’s leadership team during this transition.

A seasoned leader and a highly qualified maritime professional, Captain Subramaniam combines first-hand seafaring experience as a Master Mariner with strong business acumen. Formerly the President & Group CEO of the MISC Group, he strengthened the Group’s standing as a dominant force in the global shipping and offshore industry, steering the company amid a shifting landscape of complex challenges, from economic uncertainty to evolving environmental regulation. Captain Subramaniam has demonstrated his adept ability to deliver growth, innovation, and champion excellence, all of which he will bring to Fleet Management Limited.

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Fincantieri: “Star Princess” launched in Monfalcone | Rig Jobs

The launch of “Star Princess,” the second LNG (liquefied natural gas) cruise ship that Fincantieri is building for Princess Cruises, took place today at the Monfalcone shipyard.

The ceremony was attended, among others, by John Padgett, President of Princess Cruises, and Cristiano Bazzara, Director of the Fincantieri shipyard in Monfalcone. Godmothers of the ceremony Chiara del Vecchio, 3rd Engineer aboard the “Sun Princess”, and Francesca Maraventano, executive assistant at the Monfalcone shipyard.

With a gross tonnage of approximately 178,000 tons, “Star Princess” is the sister ship to “Sun Princess,” also built in Monfalcone and delivered earlier this year. It is the second-largest ship ever built in Italy and the second LNG-powered cruise ship Fincantieri is building for this ship owner. Additionally, it is the second dual-fuel ship, primarily powered by LNG, to join the Princess fleet. Liquefied natural gas is considered the most advanced, mature, scalable, and commercially viable fuel technology for the maritime industry. It is also recognized as one of the cleanest fossil fuels, as it reduces greenhouse gas emissions and mostly eliminates other airborne pollutants and particulate matter.

“Star Princess” is the second ship in Princess Cruises’ Sphere class, with delivery expected in fall 2025. The new vessel will accommodate approximately 4,300 passengers and is based on a next-generation platform design.

Princess Cruises is a globally leading cruise line operating a fleet of 17 modern ships, transporting millions of guests each year to 330 destinations worldwide.

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US hits Iran with new sanctions targeting commanders, shipping

The United States targeted Iranian and Houthi commanders and a vessel that shipped more than $100 million in Iranian commodities to businesses in China in sanctions announced on Tuesday.

Mohammad Reza Falahzadeh, Deputy Commander of Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, a member of Yemen’s Houthi militia, were designated under the sanctions, the Treasury Department said.

The Iranian military has provided weapons and intelligence support to the Houthis that support the group’s attacks on international shipping in the Red Sea, the department said in a statement.

The department designated Cap Tees Shipping Co., Ltd, which owns and operates a vessel used to ship Iranian commodities that were sold to support both the Houthis and the IRGC-QF, it said.

Shipping risks have escalated due to repeated Houthi drone and missile strikes in the Red Sea and Bab al-Mandab Strait since November in support of Palestinians in Gaza. U.S. and British forces have responded with several strikes on Houthi facilities but have so far failed to halt the attacks.

On Tuesday, the U.S. also imposed sanctions against two companies that run a vessel that shipped more than $100 million in Iranian commodities to businesses in China on behalf of Iran’s defense ministry, the Treasury Department said.

Tehran’s defense ministry orchestrated the shipment in January aboard the Panamanian-flagged vessel Kohana, which is owned by Hong Kong-registered Kohana Company Limited and operated by the Marshall Islands-registered Iridescent Co Ltd, the department said in a statement.

Britain also added five new designations under its Iran sanctions regime and one under its Yemen sanctions regime, a government notice showed on Tuesday.

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Asia spot LNG prices dip on tepid demand, healthy stocks | Cruise Ship Jobs

Asian spot liquefied natural gas (LNG) prices dipped this week, remaining below $10 per million British thermal units (mmBtu) for the fourth week running, with a limited outlook for recovery due to tepid demand and strong inventories.

The average LNG price for March delivery into north-east Asia LNG-AS lost $0.10 this week to $9.50/mmBtu, industry sources estimated.

“The winter is slowly coming to an end, and traders are shifting their focus towards the filling season and the next winter,” said Hans van Cleef, chief energy economist at PZ – Energy Research & Strategy.

“Although there is still a risk that a cold front could hit either Europe or Asia resulting in a jump in demand, this risk is diminishing rapidly,” he added.

Some parts of north-east Asia has seen some demand, especially China, but this is generally expected to slow in the coming days on the back of the Lunar New Year holiday, said Samuel Good, head of LNG pricing at commodity pricing agency Argus.

Good added that north-east China is still expected to have a cold end to its heating season, with overnight temperatures from mid-February until at least late March set to remain several degrees Celsius below long-term averages, suggesting scope for a short delay to the typical end of the region’s heating season in mid-March.

In Europe, benchmark Dutch gas prices eased to their lowest levels in two weeks as weather forecasts turned milder and Norwegian gas flows recovered after outages curbed supplies earlier this week.

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Equinor CEO points to increasing industrial gas demand in Europe | Cruise Ship Jobs

Norway’s state-controlled Equinor is paying close attention to signs of industrial gas demand recovery in Europe as part of its monitoring of the global gas market, CEO Anders Opedal said Feb. 7.

Speaking to reporters following the release of the company’s fourth-quarter results, Opedal also pointed to demand increases in Asia.

“We see some interesting signs in terms of demand recovery,” Opedal said, noting rising gas consumption in China as well as a 10% increase in industrial demand in Europe, particularly in France and Germany. “We pay attention to the demand recovery in Europe and increased demand in Asia.”

Opedal also said the weather remained a key factor determining gas market dynamics.

“When we are watching the gas market going forward, we are looking at the weather — based on both the temperature for gas demand but also the production of renewables,” he said.

He added that gas storages were at “OK levels” currently following a mild winter.

European gas storage sites were filled to 68.6% of capacity as of Feb. 5, according to the latest data compiled by Gas Infrastructure Europe.

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Russia the driver behind China’s aluminium import boom | Merchant Navy Jobs

China’s imports of unwrought aluminium more than doubled year-on-year in 2023 and were the second highest annual total since the start of the century.

Primary metal imports surged to 1.54 million metric tons from 668,000 tons in 2022, but fell just short of the record 1.58 tally accumulated over 2021.

The big difference between the 2021 and 2023 peaks was the composition of the inbound shipments.

Russian metal accounted for just 18% of 2021 volumes, a ratio that jumped to 76% last year as penal import duties in the U.S. and self-sanctioning in parts of Europe disrupted previous Russian trade patterns.

Russia and China are becoming increasingly dependent on each other in the aluminium market.

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ABB and Norwegian Cruise Line Holdings expand long-term partnership | Maritime Crew

ABB and Norwegian Cruise Line Holdings (NCLH) have signed a long-term partnership agreement to accelerate the decarbonization and digitalization of the Norwegian Cruise Line (NCL) fleet. Targeting increased safety and efficiency, the agreement covers 14 existing ships and a further four vessels due for delivery from 2025 to 2028.

The first phase of the partnership includes a 10-year Azipod® propulsion service agreement for the fleet, providing efficient preventive maintenance to support safety and maximize vessel availability as well as fast turnaround for planned Azipod® propulsion maintenance. In addition, ABB will supply modernization of the propulsion control system for 11 vessels, and shore connection installations on board four ships. With these planned installations the entire NCL fleet can connect to shoreside power supply for emissions-free operations while in port.

“We are pleased to solidify our long-term collaboration with ABB in a strategic partnership that aligns with our climate action strategy, centered as it is on the pillars of efficiency, innovation and collaboration,” said Patrik Dahlgren, Executive Vice President, Vessel Operations, Norwegian Cruise Line Holdings. “With ABB’s support, we will accelerate the decarbonization and digitalization of our fleet, taking our operations another step forward towards a sustainable future.

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Eurozone PMIs show very tentative signs of bottoming out | Shipboard Jobs

How you read today’s PMI release for the eurozone reveals whether you’re an optimist or a pessimist. The increase from 47.6 to 47.9 in the composite PMI for January cautiously shows signs of bottoming out but also still indicates contraction. We also note that France and Germany saw declining PMIs, making the increase dependent on the smaller markets. Manufacturing price pressures remain moderate despite the Red Sea disruptions, but the service sector indicates another acceleration in input costs.

To us, this shows that the eurozone economy remains in broad stagnation and that risks to inflation are not small enough to expect an ECB rate cut before June.

The eurozone continues to be plagued by falling demand for goods and services, although new orders did fall at a slower pace than in recent months. Current production and activity were weaker than in recent months, though, suggesting that January started with contracting output still. The slowing pace of contracting orders does suggest that there is a bottoming out happening though. Whether this is enough to show positive GDP growth in the first quareter depends on February and March. In any case, GDP growth is so close to zero that we still qualify the current environment as broad stagnation anyway.

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Iron ore drops as China cenbank’s rate move defies expectation | Dredger Jobs

Iron ore futures prices dropped for a second consecutive session on Monday as top consumer China defied market expectations and stood pat on its medium-term interest rate, leaving traders disappointed.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade 3.17% lower at 933 yuan ($130.10) a metric ton, the lowest since Dec. 20, 2023.

The benchmark February iron ore SZZFG4 on the Singapore Exchange was 1.38% lower at $127.9 a ton, as of 0702 GMT, hitting the lowest since Dec. 5.

China’s central bank left the medium-term policy rate unchanged on Monday, defying market expectations as signs of a weaker currency continued to limit the scope of monetary easing.

“The weakness in the ore market is partly because macroeconomic uncertainties mounted after the central bank did not cut rate,” said Pei Hao, a Shanghai-based analyst at international brokerage FIS.

Pei added it was also because “weak sentiment due to faltering demand and a quicker-than-expect pick-up in portside ore inventory filtered through into this week, sending further downward pressure to prices.”

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Maersk to use rail to bypass Panama Canal amid drought | Offshore Jobs

A.P. Moller-Maersk will use trains to avoid the drought-hit Panama Canal for some of its vessels, the Danish shipping giant said as low water levels have caused one of the world’s main maritime trade routes to reduce crossings.

The Panama Canal Authority has reduced the amount and weight of vessels passing through based on current and projected water levels in Gatun Lake, the rainfall-fed principal reservoir that floats ships through the canal’s lock system, Maersk, one of the world’s largest container shipping companies, said.

The company’s OC1 service, connecting Australia and New Zealand with the U.S. east coast cities of Philadelphia and Charleston via the Panama Canal, will now create two separate loops, one Atlantic and one Pacific.

“The vessels that utilised the Panama Canal before will now omit the Panama Canal and use a “land bridge” that utilises rail to transport cargo across the 80 km (50 miles) of Panama to the other side,” the firm said in an advisory to its customers.

Panama’s drought, worsened by the El Nino weather phenomenon, has decreased transit slots at the canal, already forcing fuel tankers and grain shippers to take longer routes to avoid congestion.

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