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The Panama Canal is restricting transits as drought lowers water in Gatun Lake, with transit volumes down about a third. Reuters reports that the Red Sea attacks have prompted shipowners to divert vessels, and that the canal handles nearly 3% of world maritime trade.
Reduced Panama capacity combined with Red Sea diversions lengthens routes and raises freight costs for grain and oilseed exports to Asia, supporting ocean freight rates and US Gulf basis discounts.
gcaptain.comReutersMar 20, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
