# Neopanamax locks increase draft, permits fully laden Suezmaxes

> The Panama Canal raised the Neopanamax lock maximum draft to 50 feet effective September 24, allowing fully laden Suezmax tankers to transit with a full 1 million-barrel cargo of WTI-grade crude. Fog and rising traffic have lengthened waiting times, with transit slots booked through October 10. Suezmax inquiry out of the US Gulf Coast has been weak in September.

- Date: 2020-09-25 · published 2020-09-25T12:00:00.000Z
- Category: logistics · region Panama · magnitude low
- Page: https://feedsoft.ai/events/51020-neopanamax-locks-increase-draft-permits-fully-laden-suezmaxes
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

The deeper draft gives an alternative route for Americas crude exports, but weak tanker demand and transit delays limit the near-term price effect.

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/shipping/092520-neopanamax-locks-increase-draft-permits-fully-laden-suezmaxes

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.