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Shipment delays, higher rates expected in 2024 as water levels in Panama Canal fall to 73-year low
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The 82-km Panama Canal functions as a maritime shortcut between the Atlantic and Pacific oceans and facilitates around 6 per cent of global trade.
PHOTO: REUTERS
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SINGAPORE - A growing number of ships bearing cargo ranging from car parts to Christmas lights are avoiding a major waterway in Panama that substantially shortens voyages between the United States and Asia.
It is one of the latest examples of how climate change is causing disorder across shipping routes and supply chains, and comes at a time when the war between Israel and Hamas
