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A five-month drought in Panama has cut the Panama Canal's capacity, and the canal authority will lower the maximum draft for Neopanamax locks to 43 feet from next week. Carriers are limiting containers to 8-10 metric tons instead of 10-12, which is pushing up rates for U.S. East Coast-bound cargo.
Fewer tons per ship and higher transit costs tighten container capacity and lift freight rates on Asia to U.S. East Coast routes, which raises the landed cost of feed ingredients and can widen U.S. export basis.
freightwaves.comFreightWaves StaffMay 20, 2019Not 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.
