Shipping Giants Pay Millions: The Panama Canal's Drought Dilemma!

The Panama Canal is grappling with extreme congestion due to severe drought.

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A vessel slot auction saw a staggering winning bid of $2.4 million.

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Maersk paid an extra $900,000 over the regular toll fee for two vessels.

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The drought has drastically reduced the canal's water levels.

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40% of US container traffic navigates through the Panama Canal.

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Project44 reports average wait times have doubled in some instances.

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The Gatun Lake's water level has dropped significantly, affecting canal operations.

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Everstream Analytics observed a rise in waiting ships, especially gas tankers and bulk carriers.

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Panama's rainfall this year is the lowest since the early 2000s.

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