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The Panama Canal Authority will cut daily booking slots to 25 from 31 starting Nov. 3 because of severe drought, with further gradual reductions planned.
The restrictions are expected to raise shipping costs on routes through the canal.
Fewer canal transits lengthen routes or force vessels to wait, raising ocean freight costs for US grain and other bulk exports to Asia. That supports freight rates and can widen the price gap for origins that depend on the canal.
reuters.comOct 31, 2023Not 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.
