Panama Canal is one of the world’s most important trade routes. In the second half of this year, we have detailed in-depth about a parking lot of commercial vessels building on either side of the canal amid worsening drought conditions across Central America. This has reduced the number of ships sailing through the waterway, as the bottleneck has forced one of the world’s largest operators of chemical tankers to reroute its fleet.
Bloomberg reports that London-based Stolt-Nielsen has begun to charge customers for longer routes, avoiding the massive bottleneck at the Panama Canal. The canal has been battered by a severe drought this year caused by the El Niño phenomenon (read: here & here ). As a result, canal authorities have imposed sailing restrictions to 25 a day. And if conditions worsen, restrictions could end up with only 18 vessels transiting the waterway daily by February. For some context, […]
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