Panama Canal Effected by Drought
There are currently about 150 vessels waiting to pass through the canal and was increasing since the Panama Canal Authority announced a new booking condition. Current waiting times have ranged from 15 to 21 days while daily transits have gone down by 20 percent. Carriers have been looking for alternative routes due to increasing transit times, while shippers are suggesting to reduce cargo quantity to servicing smaller bulk carriers. Authorities are hoping for more rain to decrease the canal restrictions.