Delays at the Panama Canal have increased due to low water levels, with an average delay of 15 to 19 days per vessel in early August. The Panama Canal Authority has reduced the maximum draft and daily transits in response to the "unprecedented" drought. The shipping industry must take action to tackle climate change and minimise the associated risks.. The canal authority may suffer a loss of up to $200m in earnings if conditions persist. Congestion at the Panama Canal has the potential to impact freight rates and US imports from the Far East. Shippers should consider their options and manage their risks. You can read the original article here.
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