Panama Canal drought hampering global trade ...News

Russia Today - Economy
Panama Canal drought hampering global trade
source : Russia Today ( News ) () 19
Disruptions are forcing shippers to use longer and costlier routes, analysts say   Reduced water levels along the Panama Canal are disrupting global trade, forcing shippers to sail longer routes and pay higher freight costs, Reuters reported on Monday. The man-made waterway in Central America, which provides a much cheaper route for ships to move between the Pacific and Atlantic Oceans, and handles about 5% of international seaborne trade, has been hit by severe drought in recent years. A lack of water has created expensive challenges for companies as vessels have faced wait times of up to three weeks to pass thr

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