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The Panama Canal Authority has cut the maximum draft for ships amid a severe drought in Central America. Carriers are lightening vessel loads and some have introduced a $500 per container Panama Canal Charge effective June.
The impact is mainly on Asia to US East Coast and West Coast to Europe services.
Lower vessel capacity and higher surcharges raise ocean freight costs for US export grain and feed ingredients moving through the canal, supporting freight-driven price increases.
atlantic-pacific.comMay 26, 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.
