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The Panama Canal Authority cut the maximum authorized draft for Neopanamax locks to 13.41 meters (44 feet), effective April 30, the fifth reduction this year. The cut follows a serious drought that lowered water levels in two major tributary lakes.
Each draft cut reduces cargo per vessel and raises per-ton shipping costs on routes through the canal, which tends to lift freight rates for U.S. and Asian grain and feed trade.
spglobal.comMay 1, 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.
