{"id":21173,"date":"2023-12-27T11:59:30","date_gmt":"2023-12-27T11:59:30","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=753315"},"modified":"2023-12-27T11:59:30","modified_gmt":"2023-12-27T11:59:30","slug":"gas-tankers-detour-of-8000-kilometers-highlights-shippings-current-chokepoints","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/12\/27\/gas-tankers-detour-of-8000-kilometers-highlights-shippings-current-chokepoints\/","title":{"rendered":"Gas Tanker\u2019s Detour of 8,000 Kilometers Highlights Shipping\u2019s Current Chokepoints"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/12\/houthi-fighters-capture-ship-in-red-sea-getty-580x387.jpg\"><\/p>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2023\/12\/27\/753315.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2023\/12\/27\/753315.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p class=\"bloomberg\">A gas tanker\u2019s long, circuitous journey is highlighting the toll that war and climate change are taking on the shipping industry.<\/p>\n<p>Pacific Weihai loaded in Houston on Dec. 14 with a cargo of liquefied petroleum gas intended for Ningbo, China, a route that should typically take 30 days. Instead, it faces an additional 15 days at sea, 8,000 kilometers in travel distance and potentially $1.8 million in shipping rates to avoid two key chokepoints that are upending global trade.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>Normally, ships carrying LPG from US shale fields to plastics-making refineries in China use the Panama Canal, a journey that would take about 30 days and cover nearly 20,000 kilometers. This year, though, droughts have lowered water levels along the conduit, limiting the number of ships that can traverse it and creating long queues.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-753318 aligncenter\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/12\/tanker-takes-long-route-bloomberg-580x449.jpg\" alt width=\"580\" height=\"449\" srcset=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/12\/tanker-takes-long-route-bloomberg-580x449.jpg 580w, https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/12\/tanker-takes-long-route-bloomberg-300x232.jpg 300w, https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/12\/tanker-takes-long-route-bloomberg-768x595.jpg 768w, https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/12\/tanker-takes-long-route-bloomberg.jpg 977w\" sizes=\"(max-width: 580px) 100vw, 580px\"><\/p>\n<p>Instead Pacific Weihai set out to use the Suez Canal in Egypt, which typically would add 10 days but lower the risk of delays. Those plans were quickly foiled by escalating attacks on commercial ships in the Red Sea by Iran-backed Houthi rebels.<\/p>\n<p>On Dec. 18, the tanker diverted its path from the Suez and is now headed for the Cape of Good Hope around Africa, a route that\u2019s 15 days longer than the Panama Canal, said Ciaran Tyler, an analyst at shipping intelligence firm Kpler.<\/p>\n<p>Such diversions could add more than 15% in shipping costs, according to an S&amp;P Global Market Intelligence report published Dec. 26. Chartering a gas tanker for the US Gulf-to-North Asia route on Dec. 14 was $123,000 a day, according to Baltic Exchange data, or about $1.8 million for 15 days.<\/p>\n<p>The vessel is owned by China-based Pacific Gas, based on data by Kpler and shipping data Equasis. The company could not be immediately reached for comment.<\/p>\n<div class=\"bzn bzn-sized bzn-intext-2\">\n<ins data-revive-zoneid=\"162\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p><em>Photograph: A grab from handout footage released by Yemen\u2019s Huthi Ansarullah Media Centre on Nov. 19, 2023, reportedly shows members of the rebel group during the capture of an Israel-linked cargo vessel at an undefined location in the Red Sea. Photo credit: ANSARULLAH MEDIA CENTRE\/AFP\/Getty Images<\/em><\/p>\n<p><strong>Related:<\/strong><\/p>\n<div class=\"copyright-notice quiet\">Copyright 2023 Bloomberg.<\/div>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"753315\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>The most important insurance news,in your inbox every business day.<\/h4>\n<p>Get the insurance industry&#8217;s trusted newsletter<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments A gas tanker\u2019s long, circuitous journey is highlighting the toll that war and climate change are taking on the shipping industry. Pacific Weihai loaded in Houston on Dec. 14 with a&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21174,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[4,89,24,323,108,110,111,1,486,487,488,206,119,489],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2023\/12\/gas-tankers-detour-of-8000-kilometers-highlights-shippings-current-chokepoints.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21173"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21173"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21174"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}