The Panama Canal has imposed shipping restrictions on shipping in response to an unprecedented drought.
A major artery of world trade, it carries about ½ of the trade between Asia and the Eastern US, is at risk of a long-term collapse in capacity:
A severe drought affecting the Panama Canal is forcing container vessels to lighten their loads and pay higher fees, with further increases in the cost of shipping cargo through the canal expected this summer.
The largest vessels will have to reduce their drafts — how low they sit in the water — by carrying less or cutting the weight of their cargoes as of May 24, followed by another decrease that kicks in on May 29. Some major ocean carriers have also announced new fees for goods shipped on the route as of June 1 in response to the canal restrictions.
These measures are likely to result in delays and higher costs for goods that are shipped through the canal, which typically sees 5% of annual global maritime trade pass through its locks.
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Water levels in Lake Gatun, the largest of two lakes that feed the canal, are projected to hit historic lows by July, restricting ships’ drafts and how much cargo they can carry.
Starting May 24, Neo-Panamax vessels — the largest ships that transit the waterway — will be allowed drafts of up to 44.5 feet (13.56 meters), down from an already restricted 45 feet, according to canal spokesman Octavio Colindres.
The draft limit will decline again to 44 feet on May 30. While that seems like a minor change, it could translate to 40% less cargo on some containerships. A 50-foot draft is considered normal. During the droughts of 2019 and 2016, the draft limit went as low as 43 feet.
We are completely unprepared for the consequences of global warming.
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