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The Panama Canal began charging a new freshwater conservation surcharge on February 15, which has roughly doubled wait times for clean tankers. Pre-booked and unbooked Medium Range tankers face longer delays and higher transit costs.
Higher transit costs and longer waits are pushing up lump-sum freight on USGC routes, which raises the cost of moving clean petroleum products. The effect on grain and feed commodity prices is small.
spglobal.comFeb 26, 2020Not 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.
