Yet another signal on the Panama Canal situation is flashing red: Spot rates are surging for product carriers — specialized tankers carrying diesel, gasoline and jet fuel — that transit the waterway.
America is the world’s largest exporter of refined petroleum products. The west coast of South America is a traditional destination and the Panama Canal is pivotal to this trade. Alternate routes are more than twice as long.
Since the Panama Canal Authority (ACP) began heavily restricting reservation...
https://www.freightwaves.com/news/another-panama-canal-red-flag-spiking-product-tanker-rates