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Panama Canal delays causing major U.S. trade disruptions. Rising costs & supply chain challenges are anticipated.
The Panama Canal, crucial for U.S. shippers traveling to Gulf and East Coast ports, is experiencing unprecedented congestion due to drought-induced water conservation measures. There are currently 154 vessels waiting, with an average waiting time of 21 days. The U.S. is the most significant user of the canal, with U.S. cargo values amounting to about $270 billion passing through annually.
Economic Impacts:
Impact on Consumer Goods & Prices:
Potential Shifts in Shipping Routes:
Repercussions on the Panama Canal Authority (PCA):
Long-term Implications & Future Projections:
Source: CNBC
Growing Panama Canal congestion a rates โwild cardโ https://t.co/7lvTxr79lE via @splash_247 โ... in the container shipping market right now because of the potential impact it may have on freight rates and US imports from the Far East from one week to the nextโ I told Splash today
— Peter Sand (@XenetaSand) August 8, 2023
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