US EditionA drought has forced authorities to further slash traffic in Panama Canal, disrupting global trade
- The severe drought in Panama has caused authorities to reduce ship crossings in the Panama Canal by 36%.
- The drought is estimated to cost the canal between $500 million and $700 million in 2024, exceeding previous estimates of $200 million.
- The drought has disrupted the canal's operations, creating a traffic jam of boats, raising concerns about its reliability for international shipping, and impacting global trade.
59 Articles
59 Articles
Drought Forces More Reduction in Panama Canal Traffic, Disrupting Global Trade
PANAMA CITY — A severe drought that began last year has forced authorities to slash ship crossings by 36% in the Panama Canal, one of the world's most important trade routes. The new cuts announced Wednesday by authorities in Panama are set to deal an even greater economic blow than previously expected. Canal administrators now estimate that dipping water levels could cost them between $500 million and $700 million in 2024, compared to previo…
Severe drought causes major drop in Panama Canal traffic which could cost millions of dollars
Panama Canal has been hit by a severe drought that began last year. It has forced authorities to slash ship crossings by 36 per cent in the Panama Canal. A report by The Associated Press mentioned that the new cuts were announced Wednesday (Jan 17) by authorities in Panama. The recent reduction is set to pose an even greater economic blow than previously expected as the Panama Canal is one of the world's most important trade routes.
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