Panama Canal Increases Draft and Daily Transits, Averts $270 Billion Trade Crisis

Jun 14, 2024, 08:32 AM

The Panama Canal has announced an increase in draft and daily transits as it continues to ease drought restrictions with the onset of the rainy season. This move comes as the canal successfully managed to avert a shipping crisis induced by severe drought, which threatened to disrupt $270 billion a year in global trade. The canal's ability to restore capacity is seen as a critical cornerstone of global maritime transportation, achieved through careful water management and favorable weather conditions. The announcement is significant for sectors such as #logistics, #shipping, and #freight.