Expanded Panama Canal Not the Bane of Panamax Boxships

first_imgzoom The Panama Canal expansion project will have an impact on the Panamax container ship fleet as over 100 of these vessels are expected to be displaced following the opening of the new locks, due in April 2016. However, the fleet is deployed widely across the liner network, so there are a number of factors to consider, according to London-based shipbroker Clarksons.At the start of September the Panamax fleet (sized 3,000+ TEU with a beam less than 32.3m) numbered 855 ships and 3.6m TEU. Of these, 138 operate on services transiting the Panama Canal and they are expected to face pressure next year when the expanded locks open, Clarksons says.So only around 18% of the sector in TEU terms appear be ‘at risk’ from the Panama Canal expansion.What are the options for these vessels, around half of which (72) are charter-owned?A number of these units are expected to find new homes on the North-South and intra-regional trade routes where much of the fleet is already deployed, Clarksons predicts, as additional deployment options there are expected as volumes grow.Although redeployment of Panamaxes onto these routes has generally slowed (with many ports unsuitable) at least a little further ‘cascading’ may be possible.Additionally, a number of the older Panamaxes are likely to be sold for demolition (62 ships in the sector will be aged 20+ years in 2016). Finally, whilst the incentive to upsize Panamaxes is strong, the full effect is unlikely to take place instantly and a number may initially remain on the Asia-North America trade.Clarksons says that today’s Panamax fleet is actually deployed quite widely; with the number operating on the Transpacific likely to be displaced when the expanded Panama Canal opens being far from a critical mass.The impact could also be softened by demolition and additional growth opportunities elsewhere.Though there will undoubtedly be an impact from an initial displacement of Panamaxes, a wide range of factors will determine how much of an impact this might eventually have.last_img read more

Swiss Flavors Manufacturer Givaudan Opens New Center in Morocco

Rabat – Swiss flavor and fragrance company Givaudan announced it inaugurated Thursday a new $1.22 million “flavours technical and commercial centre” in Casablanca.The center “is part of the Company’s 2020 high growth markets strategy and demonstrates its ongoing commitment to the Maghreb and West Africa regions,” Givaudan said in a statement.The president of Givaudan’s Flavour Division, Louie D’Amico, said: “Our new centre in Casablanca will enable Givaudan to meet the evolving needs of our food and beverage customers for innovative taste and flavour solutions.” With the new center’s strategic location, the Swiss flavor manufacturer will increase its presence in Africa and the Middle East.Read Also: Flavors of Moroccan CuisineFor the first time in Morocco, Givaudan said it “will offer in one location a full range of flavour application capabilities.”The 600-square-meter facility will serve customers in Morocco, Algeria, Tunisia, Senegal, Malta, Cote d’Ivoire, and Guinea, “in the savoury, beverages, sweet goods, dairy and snacks segments.”The center includes “application labs with specialised technologies, along with commercial spaces for customer taste and smell experiences,” according to the company’s statement.“Through our local presence, customers will benefit from a faster response as well as access to a wider range of Givaudan’s global capabilities in flavours and extracts,” D’Amico stated.Givaudan is a manufacturer of flavors, fragrances, and active cosmetic ingredients. The company was first established in 1895 in Lyon, France, and moved to Geneva in 1898. In 2008, Givaudan became one of the world’s largest companies in the flavor and fragrance industries.Headquartered in Switzerland with over 100 local locations, Givaudan  employs 11,700 people and had a revenue of $5.19 billion in 2018. read more