Vessel Queues Build At The Panama Canal Due To El Niño Event
Vessel queues of around 10 days have developed at the Panama Canal as El Niño-related drought lowers water levels in the lake feeding its lock system. Daily transits have already been progressively reduced, with further restrictions expected. Highlighting the growing pressure, one shipowner paid a record $5.3 million at auction this week to jump the queue, compared with an average auction price of just $55,000 before February.
