Link here to Bloomberg.com.
Six years after the Panama Canal began a $5.25 billion expansion to
capture shipments of Asian- made goods to the U.S. East Coast, the flow
of liquefied natural gas in the opposite direction promises to be a
better bet.
Shipments of the fuel, along with rising commodity and energy cargoes between the U.S., Latin America
and Asia, are likely to provide the largest sources of demand growth
when the project is complete in June 2015, Administrator Jorge Luis
Quijano said in an interview. Shipping containerized goods, which
generate most business for the 50-mile link, has yet to return to the
same level as 2007, two years before the global economy had its worst
recession since World War II.
The shift shows how rising U.S. shale-gas output is reshaping global
energy markets. The Panama Canal enlargement is central to the change
because the route cuts voyages by more than 7,500 nautical miles (8,500
miles) to Asia,
where fuel demand is growing fastest. The waterway, handling 5 percent
of world trade and shipping 333 million metric tons in the year to Sept.
30, is used by as many as 14,000 ships a year, connecting 160 countries
and 1,700 ports, according to its website.
One can extrapolate this back to the lessons learned in the Bakken.
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