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Panama Canal Water Levels Limiting Trade After Driest October On Record

GLOBAL
  • In a sign of renewed tightening in supply chain pressures, Bloomberg reports that Stolt-Nielsen, the word’s largest operator of chemical tankers, has decided to reroute its fleet from the Panama Canal to the Suez Canal and charges customers additional costs in the process.
  • A bottleneck at the Panama Canal due to low water levels has prompted shippers to divert to Suez, the Cape of Good Hope, or even through the Strait of Magellan off the tip of South America.”
  • Further from the Bloomberg report: “The Panama Canal Authority, which normally handles about 36 ships a day, announced on Oct. 30 that it will gradually reduce the number of vessels to 18 a day by Feb. 1 to conserve water heading into the dry season. Panama had the driest October on record due to a drought caused by the El Niño weather phenomenon, the authority said.”
  • “It’s unlikely that the canal will be able to increase traffic until the rainy season starts in mid-2024, according to experts. Some ships have had to wait as long as 20 days to get through the canal this year. Stolt said other shippers are “taking a similar approach” to deal with the backlog at the canal.”
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