Cost To Jump Panama Canal Line Just Got A Whole Lot Cheaper

The cost for shippers to jump ahead of congestion at the Panama Canal has significantly dropped from multimillion-dollar record highs in recent months, as the backlog of vessels to cross has lessened as tankers avoid the canal altogether.

The Panama Canal has reduced its operating daily slots to a third of its usual transit due to ongoing drought conditions exacerbated by El Niño. Losing the freshwater used to operate the canal threatens the country’s drinking-water supply and the dry conditions are expected to last until the start of the rainy season in May or June. 

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