Panama canal traffic facing further cuts as drought from El Niño worsens

Planned daily reductions will further choke one of the world’s most important shipping lanesThe Panama canal plans to again cut maritime traffic due to worsening drought caused by the El Niño climate phenomenon, further choking up one of the world’s most important shipping lanes.The canal handles 5% of global maritime trade and about 40% of US container traffic; it is favoured by shippers because it usually reduces cost and transit times, especially for companies trading between China, Asia and the US. Continue reading...