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The Panama Canal is now gripped with the worst drought in 70 years, pushing up costs of international shipping as cargo ships need to reduce their capacity by as much as 40 percent.
According to Institute of Meteorology and Hydrology of Panama, most Latin American countries, including Panama, have seen a long hot season with little rain this year. The amount of rain in Panama will remain low throughout the year and the drought is expected to last until 2024.
"The precipitation will drop obviously in late November and December, which means we will be haunted by drought next year," said Luz Graciela de Calzadilla, director of Institute of Meteorology and Hydrology of Panama.
The Panamanian Canal Authority has implemented limits on ship draft for the fifth time during this drought season and is planning to slash the level further in July, forcing ships to reduce the volume of cargo they carry, and thus leading to surge in transportation cost of international shipment.
Now, many countries are looking for alternative routes for the Panama Canal.
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Disinformation report hotline: 010-85061466