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A severe drought affecting the Panama Canal is forcing container vessels to lighten their loads and pay higher fees. The largest vessels must reduce drafts from May 24, with a further cut from May 29.
Some major ocean carriers have announced new fees for goods shipped on the route from June 1.
Reduced draft limits cut cargo capacity per sailing and raise freight costs on Asia-US East Coast routes, which can shift ocean freight rates and delay grain and feed ingredient shipments.
bloomberg.comLaura CurtisMay 19, 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.
