The Panama Canal Authority is aiming to lure back lost energy trade with changes to its booking system for LNG canal transits, and with a new LNG pipeline project offering energy and tanker companies an alternative to move the commodity across the critical global shipping gateway.
Ricaurte Vásquez, administrator of the Panama Canal Authority, tells CNBC that the canal is moving closer to reinstating a preferred booking slot system for LNG carriers as a way to bring back more of the business. LNG prebooking was removed during drought years and has not returned to date.
“We most likely will reinstate that window of reservations for LNG vessels effective next year,” Vásquez tells CNBC. The Panama Canal has moved to a long-term slot allocation approach, a booking system that allowed for a full year of reservations, but he conceded it “was used very little by LNG this year.”
“We have revamped the product after conversations with customers,” he said, and he added that the Panama Canal Authority plans to announce additional packages for LNG transits that would provide flexibility in changing the tanker type and transit dates.
“I think it’s going to be helpful for them to schedule transits to the Panama Canal,” Vásquez said. “We have some packages that will be very specific, and we have seen shipping companies that go for very specific transits. … We are fine-tuning some of the elements after conversations with the industry, and I think that is going to help,” he added.
Years of severe drought cost the Panama Canal a significant amount of its liquified natural gas trade. Restrictions on vessel weights due to low water levels sent LNG tankers on other shipping routes, and led to a decline in LNG transits through the canal that reached as high as 73%. Even as conditions have improved, LNG shipments have not returned to previous levels, with carriers continuing to choose the longer route around Africa’s Cape of Good Hope.
To free up additional vessel slots for LNG, the canal is also in the process of an ambitious pipeline project, creating what is being called the Interoceanic Energy Corridor. Instead of tankers carrying natural gas liquids, including ethane, butane and propane, through the canal, the NGLs would travel through a 76-kilometer pipeline connecting the Atlantic and Pacific ports. Two maritime terminals would be built to accommodate the tankers. Approximately 2.5 million barrels of energy products per day could be moved through the pipeline.
On Thursday, canal officials met with approximately 30 corporations from Asia, the U.S., and South America interested in the natural gas terminals and pipelines, including Exxon Mobil, Phillips 66 and Shell.
Vásquez also noted “a very good reaction from the Asian market.” Itochu Corporation, Japan Bank for International Cooperation, Mitsubishi, Movement Industries, Nippon Koei, and Sumitomo were all in attendance. Tokyo is the No. 1 buyer for natural gas liquid shipments that pass through the canal.
The process of choosing a concessionaire for the pipeline and energy corridor is underway, with a tender projected for the second quarter of 2026.
Freight volume is declining, China politics coming into play
The canal is critical to the U.S. economy and trade. The U.S. is the largest user of the Panama Canal, with total U.S. commodity export and import containers representing about 73% of Panama Canal traffic, and 40% of all U.S. container traffic traveling through the Panama Canal every year. In all, roughly $270 billion in cargo is handled annually.
The plans to increase the energy shipments come after record-breaking container traffic in early 2025 due to trade war frontloading has given way to a forecast for decrease in transits over the remainder of the year and into 2026.
“We will not have the volumes that are usually at this time of the year, and container cargo as compared to other years because of the front loading, that’s what we are seeing right now,” Vásquez said.
The Panama Canal generates its revenues from fees associated with vessel transits, as well as the volume of containers carried on each vessel.
The maritime industry has been navigating a sea of uncertainty with tariffs, as well as looming Chinese shipbuilding fees being imposed by the U.S. government, which have altered the flow of trade.
Starting on October 14, United States Trade Representative-mandated fees associated with the new regulations on Chinese-built vessels calling on U.S. ports go into effect. Chinese carriers, such as COSCO and OOCL, will pay additional fees for entering the U.S. ports regardless of where they are built. Exceptions will be made for voyages shorter than 2,000 nautical miles and vessels with a smaller than 4,000 twenty-foot equivalent units (TEU) carrying capacity.
Data and analysis from Sea-Intelligence show early signs of a reduction in the deployment of Chinese-built vessels on the Asia-North America West Coast route.
“The share of Chinese-built vessels has trended downwards from a level of 25-30% in the first half of 2025 to a range of 20-25% in recent weeks,” said Alan Murphy, CEO, Sea-Intelligence. “A similar, though less pronounced, trend is visible on the Asia-North America East Coast trade,” he added.
The Panama Canal Authority has an advanced booking system that ocean carriers can opt to use to slot future transits. Based on the data from that system, Vasquez tells CNBC it has not seen any changes in bookings involving Chinese-built vessels.
“What we see right now is that essentially, of all vessels that transit in the Panama Canal, which are around 12,000 to 13,000… 1,000 probably will be built in China. So we don’t have that pressure on the market, because there are alternatives for non-Chinese-built vessels to come through the Panama Canal. So the fleets have a lot of flexibility to do that,” Vásquez said. “On the particulars of COSCO or OOCL, we have not seen any reduction in bookings and reservations moving forward,” he added.
At the same time, a pre-feasibility study for the Corozal Port is advancing into the contracting phase, with results expected in the first quarter of 2026. The Corozal Port, located on the Pacific Ocean side of the country, would be integrated into a land-based logistics platform connected by road and rail. Maersk recently acquired the concession from CPKC and Lanco Group/Mi-Jack to operate the rail.
That port is part of a broader effort by the canal to allay concerns about Chinese involvement in ports critical to the canal operations.
The winning bidders will build the port facilities and get to run them for 20 years.
While there has been speculation about Chinese-owned companies being barred from the bidding process, Vazquez tells CNBC, “We have made no decision whatsoever, and probably we cannot comment, because it’s something that has to be considered, studied, and seen, because it’s very difficult to single out anyone at this moment, and we want to have the most open and competitive tender that we can have.”
Carl Bentzel, president of the National Association of Waterfront Employers, which includes port and terminal operating companies, including MSC, CMA, Maersk, and SSA, told CNBC it is bound by confidentiality agreements and cannot disclose names of companies entering the bidding process. “But what we can tell you there is a lot of interest in participating in the expansion of the canal zone,” said Bentzel. “Operational flexibility and serving multiple trade lanes in Panama is attractive, and with competition to be open, there is a lot of interest,” he said.
Hutchison Ports, a unit of Hong Kong-based CK Hutchison, agreed to sell its concession deals in two ports flanking either side of the canal to a consortium led by U.S. asset manager BlackRock and MSC after President Trump accused the ports of being controlled by China, but China has strongly criticized the deal and it remains a fluid situation.
In a recent CK Hutchisson stock exchange filing, the company wrote that “the Group remains in discussions with members of the consortium with a view to inviting major strategic investor from the PRC to join as a significant member of the consortium.”
The terminals of the Port of Balboa (Pacific Coast) and Port of Colon (Atlantic Coast) have been managed via concession by Hutchison Ports since the 1990s, but earlier this year, Panama’s Comptroller General, Anel Flores, filed lawsuits with the Supreme Court to nullify the concession, which was renewed for 25 years in 2021. Flores cited alleged irregularities in the contracts and claimed the renewal was unconstitutional and detrimental to Panama’s interests.
No decision from Panama’s Supreme Court has been issued.
When innovative EV charging startup FreeWire shut its doors last year, it looked like its clever, infrastructure-light EVSE concept might vanish along with it. Now, Orange EV has taken up the cause, and it’s bringing the battery-based charging tech back with an all-new name. Meet the Orange Juicer. (!)
The FreeWire concept was, if you’ll forgive the effusiveness, fantastic. Basically, they integrated a li-ion battery back into a vertical cabinet that could be effectively “trickle charged” with a standard 110 or 220 AC connection, then “dump” that charge into an EV very quickly – enabling up to 200 kW of DC fast charging without the need for expensive utility and infrastructure.
But, while most people the FreeWire concept might have great for rural gas stations that rarely saw EVs and didn’t need constant access to hundreds of kW of power, the engineers at Orange EV saw something different.
“Fast” is the key word here. As the lower TCO and improved uptime promises of Orange EV’s electric terminal tractors get proven out again and again by customers like DHL and YMX, more companies are turning to Orange to help electrify their operations – but getting adequate charging to their truck depots has slowed that growth.
“Limits on grid capacity are the most significant source of delay, especially when installing DC fast chargers,” writes Esther Conrad, Research Manager for the Bill Lane Center for the American West at Stanford University. “Multiple jurisdictions, both large and small, reported long delays on the part of the utility to provide adequate electricity to a site. Timeframes can be on the order of months or even multiple years for large installations.”
Months or years is more than enough time for a skittish customer to second-guess an expensive vehicle fleet purchase, so Kurt Neutgens did what he apparently does best: found an engineering solution that was laser-focused on the problem, and acted.
Orange EV formed a new division called Optigrid, bought FreeWire’s battery-backed DC fast charging back from the brink, and repackaged it as the Orange Juicer to specifically address the problems facing fleets struggling to get adequate grid power to their sites.
The result is an EV charging solution that’s perfect for the way terminal trucks operate, and one that can be up and running in a matter of weeks instead of months or years.
“Fleet operators are tired of waiting on infrastructure that doesn’t match their electrification schedule,” said Tyler Phillipi, CEO of OptiGrid. “The Orange Juicer gives them the power to deploy today, with charging performance that rivals high-capacity systems but requires just a fraction of the grid input.”
The first Orange Juicers are expected to reach customer sites in Q4 of this year.
Electrek’s Take
e-Triever terminal tractor; via Orange EV.
Despite the progress made in recent years, there are still some wacky assumptions being made out there – from the idea that you must have on-site DC fast charging to successfully deploy an EV fleet to the even wackier notion that you need a dedicated charger for each EV. Orange, on the hand, doesn’t make such sweeping statements. Instead, they’re listening to customers’ needs, understanding what really needs to happen in order to successfully deploy their products, and delivering a better TCO with lower costs … even without government incentives.
“In a two-shift operation over a 10-year period, our customers are experiencing a $500,000 benefit per truck,” Neutgens told Freight Waves. “That’s full price, no incentives.”
Over at The Heavy Equipment Podcast, we had a chance to talk to Kurt ahead of last year’s ACT Expo for clean trucking. On the show (available here), Kurt explained how his experience at Ford helped inform his design ideology, and that the Orange EV was designed to be cost competitive with diesel options, even without subsidies.
Give it a listen, then let us know what you think of Orange EV’s holistic electrification solution for logistics fleets in the comments.
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The Sindh government in Pakistan has just launched a bold new initiative aimed at transforming mobility for women: a fleet of free pink electric scooters for female students and working women. Called the Free Pink EV Scooty Scheme, the program is designed to offer women across the province a safer, more dignified, and cost-effective way to get to school or work without relying on crowded, often unsafe public transportation.
Like many countries in the region, Pakistan is a deeply patriarchal society, not historically known for gender equality or freedom. That has meant that despite women technically having equal standing under the law, they often face significant challenges accessing safe and reliable transportation, let alone gaining higher education or entering the workforce.
Announced by Sindh Transport Minister Sharjeel Memon, the initiative goes beyond transportation to empower women seeking to enroll in education or join the workforce in the nation’s second-largest province.
Eligible participants include women who are permanent residents of Sindh, hold a valid driver’s license (car or motorcycle), and are either employed or in school. Winners will be selected via a public, lottery-style balloting system conducted in front of media and overseen by multiple government departments. To ensure safety, selected applicants will also need to pass a road skills test before riding off.
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“We have ensured a transparent and merit-based selection process so that the maximum number of women can benefit,” said Sindh Minister of Transport Sharjeel Memon, who emphasized that the project will cut commuting costs, save time, and increase safety for women on the move.
But the program doesn’t stop at just handing over keys. It includes full registration, insurance, helmets, and even rider training. Riders will also have access to an expanding network of EV charging stations throughout Sindh, making this a fully supported electric mobility solution.
By investing in personal electric transportation for women, the government hopes to improve access to education and employment, reduce reliance on gas-powered public transport, and promote sustainability. It’s a major step for a region where mobility remains a significant barrier to opportunity for many women, and one that may serve as a model for similar programs across the Middle East, South Asia, and beyond.
Electrek’s Take
I think the fact that electric scooters are being used as a tool to provide transportation equality and increased accessibility is a great thing here, and highlights the importance of these types of vehicles in the broader mobility ecosystem. The whole “let’s give the women a bunch of pink scooters” definitely sounds like an idea thought up by a man, but I think their hearts were in the right place.
In much of Pakistan, especially in conservative and rural areas, women face significant challenges in accessing safe and reliable transportation. Public transport can be overcrowded, unsafe, or socially restrictive for women, which in turn limits their access to education and employment opportunities. By offering these free e-scooters, the government is trying to empower women with greater autonomy and freedom of movement, thereby increasing their participation in both the academic and economic spheres.
There are obviously huge strides that still need to be made in many similar countries in order for women to feel safe when out of the home, let alone have access to employment and educational opportunities, but it sounds like this program is working towards addressing those issues.
Note: The lead image is AI-generated, but then again, so is the Sindh Government’s image. So we’re just sort of sticking with the theme, there.
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Sam Altman, CEO of OpenAI (L), and Jensen Huang CEO of Nvidia.
Reuters
ABILENE, Texas – Sam Altman had a deadline. OpenAI’s CEO was headed to Texas to unveil his company’s next big infrastructure push, and Nvidia CEO Jensen Huang wanted in on the action.
Through a series of hurried negotiations, late-night calls and last-minute contract tweaks, the two giants of artificial intelligence struck a $100 billion partnership on Monday, hours before Altman boarded his flight to Abilene, a city of about 130,000 residents roughly 180 miles west of Dallas.
It helped that Huang and Altman had been part of President Donald Trump’s state visit to the U.K. a week earlier, allowing the president to be briefed on the agreement days in advance.
The deal, which Huang described to CNBC as “monumental in size,” marks a watershed moment in the tech industry, as capital and influence are increasingly concentrated in the hands of the two companies closest to the heart of the artificial intelligence boom.
Huang now presides over the world’s most valuable public company, worth nearly $4.5 trillion after gaining $170 billion following Monday’s announcement, while Altman runs the most prominent startup on the planet, valued at half a trillion dollars.
OpenAI’s ascent to the forefront of generative AI has relied on Nvidia’s high-powered graphics processing units (GPUs). Now the companies are more intimately linked than ever, as they plan to carve a path to jointly building the next wave of AI supercomputing facilities.
“You should expect a lot from us in the coming months,” Altman told CNBC’s Jon Fortt in an interview at Nvidia’s Silicon Valley headquarters on Monday. “There are three things that OpenAI has to do well: we have to do great AI research, we have to make these products people want to use, and we have to figure out how to do this unprecedented infrastructure challenge.”
Altman and Huang negotiated their pact largely through a mix of virtual discussions and one-on-one meetings in London, San Francisco, and Washington, D.C., with no bankers involved, according to people close to the talks who declined to be named because they weren’t authorized to speak publicly on the matter.
The arrangement calls for Nvidia to invest $10 billion at a time in OpenAI, the company behind ChatGPT. As the buildout unfolds, Nvidia will also supply the cutting-edge processors powering a host of new data centers.
While OpenAI gets more intimate with Nvidia, it has to maneuver through a number of high-stakes relationships with other key partners.
OpenAI only informed Microsoft, its principal shareholder and primary cloud provider, a day before the deal was signed, the people familiar with the matter said. Earlier this year, Microsoft lost its status as OpenAI’s exclusive provider of computing capacity.
The pact also comes less than two weeks after a disclosure from Oracle indicated that OpenAI agreed to spend $300 billion in computing power with the company over about five years, starting in 2027. At the start of the year, OpenAI joined Stargate, a multibillion-dollar project announced by President Trump and backed by Oracle and SoftBank, to build out next-generation AI infrastructure.
Going forward, all of OpenAI’s infrastructure projects will fall under the Stargate umbrella.
Representatives from Microsoft, Oracle and SoftBank didn’t immediately respond to requests for comment.
Nvidia and OpenAI provided scant details about where and when the buildout will take place, other than to say that the first of the 10 gigawatt sites will go online in the back half of next year.
Executives said they’ve reviewed between 700 and 800 potential locations since unveiling Stargate in January. In the months that followed, they fielded a flood of proposals from developers across North America offering land, power, and facilities. That list has been narrowed as OpenAI weighs energy availability, permitting timelines, and financing terms, the company said.
In Monday’s announcement, OpenAI described Nvidia as a “preferred” partner. But executives told CNBC that it’s not an exclusive relationship, and the company is continuing to work with large cloud companies and other chipmakers to avoid being locked in to a single vendor.
OpenAI CEO Sam Altman and Nvidia CEO, Jensen Huang arrive to attend the State Banquet during U.S. President Donald Trump’s state visit, at Windsor Castle, in Windsor, Britain, September 17, 2025.
Phil Noble | Reuters
For Nvidia, the investment in OpenAI is historic in size, but it’s just a big piece of a rapidly expanding portfolio.
Last week, Nvidia put $5 billion into Intel as part of a joint venture to co-develop data center and PC chips with the troubled chipmaker. Nvidia also said it invested close to $700 million in U.K. data center startup Nscale, a move that resembles Nvidia’s backing of U.S. AI infrastructure provider CoreWeave, which held its IPO in March.
Tranches of money
The financing structure for the OpenAI deal is designed to avoid hefty dilution. The initial $10 billion tranche is locked in at a $500 billion valuation and expected to close within a month or so once the transaction has been finalized, people familiar with the matter said. Nine successive $10 billion rounds are planned, each to be priced at the company’s then-current valuation as new capacity comes online, they said.
The relationship between Nvidia and OpenAI long predates the launch of ChatGPT in 2022.
Back when OpenAI was still a small nonprofit research lab and Nvidia was best known for building graphics chips for video games, Huang personally delivered his company’s first DGX supercomputer to OpenAI’s office in 2016. At the time, the startup was located in San Francisco’s Mission District, in a building that’s now home to Elon Musk’s xAI.
Almost a decade and trillions of dollars in value later, Huang and Altman are perhaps the most significant power players in the tech industry.
In October of last year, Nvidia formalized its financial stake in OpenAI, joining a $6.6 billion funding round that valued the company at $157 billion. A month later, in Tokyo, OpenAI executives met with SoftBank CEO Masayoshi Son to brainstorm what to call their next phase of expansion. Out of that session came “Stargate,” a codename that has since become shorthand for OpenAI’s most ambitious buildout plans.
Stargate now encompasses every major deal for compute capacity, including this week’s partnership with Nvidia. Securing the rights to the name required some careful maneuvering, but OpenAI has embraced it as the banner for its long-term infrastructure strategy.
The $100 billion commitment from Nvidia represents only part of what’s required for the planned 10-gigawatt buildout. OpenAI will lease Nvidia’s chips for deployment, but financing the broader effort will require other avenues. Executives have called equity the most expensive way to fund data centers, and they say the startup is preparing to take on debt to cover the remainder of the expansion.
As OpenAI’s compute necessities increase, a big question is where the company will host its workloads, which have to date been largely housed in Microsoft Azure. Taking the work in-house would push OpenAI closer to operating as a first-party cloud provider, a market led by Amazon Web Services, followed by Azure, Google and Oracle.
Executives have openly floated the idea, suggesting it may not be far off. Some even indicated to CNBC that a commercial cloud offering could emerge within a year or two, once OpenAI has secured enough compute to cover its own needs. For now, demand for training frontier models leaves little capacity to spare, but OpenAI isn’t done looking for new opportunities.
As Altman and Huang hammered out details of the arrangement that was announced this week, OpenAI’s infrastructure team was in Tokyo meeting with SoftBank’s Son to discuss broader financing and manufacturing support.
The parallel talks underscored the scale of Altman’s ambition, and the web of global players now involved in bringing it to life.