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The Panama Canal Authority is further reducing maximum vessel drafts during a severe drought, with restrictions from May 24 and May 30. Maersk and Hapag-Lloyd are implementing surcharges and redirecting some Asia-US East Coast loops via Suez.
Rainfall from February to April was less than half of average, pushing Gatun Lake levels lower.
Carriers rerouting via Suez and imposing surcharges tighten container capacity and lift freight costs, which can raise landed costs for imported feed ingredients and affect US export shipping.
theloadstar.comMike WackettMay 23, 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.
