The Panama Canal, responsible for handling an estimated 5% of global trade, is facing unprecedented congestion due to severe drought conditions. A recent auction by canal authorities saw a winning bid of $2.4 million for a vessel slot, highlighting the desperation of shippers to bypass the backlog. Maersk, a shipping giant, reported paying an additional $900,000 on top of the usual $400,000 toll fee for each of its two vessels that couldn’t secure a timely slot. The drought has significantly lowered water levels, restricting the number of ships that can traverse the canal. Liquefied petroleum gas and liquefied natural gas … Continue reading Shipping Giants Pay Millions: The Panama Canal’s Drought Dilemma!