Panama Canal Auction Prices Soar as Wait Builds and Water Level Falls
6 Articles
6 Articles
Congestion on the interoceanic track leads shipowners to pay millions of dollars in auctions to avoid a 10-day wait.
A container ship paid a record sum to avoid the queue on the Panama Canal. War in the Middle East and El Niño exacerbate the bottleneck.
Prices for access to the most crowded routes of the Panama Canal have reached a new record, under the conditions in which the water level has fallen due to the intensification of the El Niño phenomenon, and the war in Iran...
Commercial ships transiting the Panama Canal are facing rising costs, driven by both disruptions to shipping caused by the Iran war and falling sea levels linked to this year's intense El Niño weather phenomenon. The receding water levels associated with the weather phenomenon are expected to limit the number of time slots available for passage through this important waterway.
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