EPCs Ride Energy Project Boom Amid Panama Canal Disruptions

Ocean carriers are opting for alternative routes due to ongoing disruptions at the Panama Canal and major Chinese ports. Recent typhoons have caused significant delays, forcing shippers to reroute their containers through other channels.

Yang Ming has signed a $1.2 billion contract with Hanwha Ocean to build six new LNG-fueled ships, each capable of carrying 13,000 twenty-foot equivalent units (TEUs). This deal brings the global order book for LNG vessels over 6.8 million TEUs.

The energy project boom is driving a surge in work backlog for major engineering and construction companies (EPCs) like Fluor, KBR, TechnipFMC, and Worley. These firms are involved in various projects related to multiple energy sources, including data center-driven gas, nuclear, LNG, and offshore oil and gas exploration.