The Panama Canal Authority (ACP) is holding auctions for vessels looking to jump the queue to transit the congested waterway, with the base price for the first auction set at USD 55k and the awarded bid worth USD 1.1 mn, reports Seatrade Maritime. For a vessel to qualify to bid it needs to have arrived in Panamanian waters, without a prior reservation, before 17 November, according to a statement. ACP says the auction will be announced three days before the transit date and will be held two days prior. ACP has released an application form for waiting vessels to register their bids. Bidding will be available to regular vessels and Panamax vessels that have been in the queue for at least 10 days.

Background: The Panama canal has placed significant limits on vessels transiting the waterway due to a drought decreasing its water levels, which has caused a growing queue of vessels. The sale of slots to transit the canal have netted USD 235 mn from shipping companies in 2023, Bloomberg reports.

The news got a lot of ink inthe press:Bloomberg | Business Insider | Maritime Executive | Reuters | Port News | Trade Winds.

The US and its allies are concerned over the increase in Turkey’s military-linked exports to Russia, which have reportedly soared in 2023, the Financial Times reports. US Treasury under-secretary for terrorism and financial intelligence Brian Nelson is set to visit Istanbul and Ankara this coming week to discuss “efforts to prevent, disrupt and investigate trade and financial activity that benefits the Russian efforts in its war against Ukraine.” Turkey’s exports to Russia reached USD 158 mn in 45 goods that the US regards as “high-priority” in the first nine months of 2023. The 45 categories of dual-used goods include communication equipment, microchips, and telescopic sights.

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