Panama Drought Impacting US Pricing
According to The Loadstar, the Panama Canal is suffering from a protracted drought that has decimated a lake used to control its water levels and impacted ocean freight pricing between Asia and the US East Coast.
According to the Panama Canal Authority (ACP), the river flow to the reservoir is down 60% after almost five months of no rain, and at a cost of around $15m so far this year.
Container prices to east coast ports, which are generally serviced through the canal, have risen by as much as 15% in the past few weeks, in a trade which has already seen increases of over 20% since the turn of the year.
The recent developments will be seen as a set back for the canal, which underwent a large scale expansion in 2016, enabling larger ships to pass through its locks and winning back significant volumes it had previously lost to other global routes.
The Panama Canal is a man made channel and the only viable shipping route that connects the Pacific Ocean on the West Coast of the American continents, with the Atlantic Ocean on the East Coast.
For further information on the above, please speak to your local Uniserve representative or email email@example.com.
Uniserve are the UK’s leading independent logistics provider, to find out more about how Uniserve can add leverage to your supply chain, then please call 01375 856060 or email firstname.lastname@example.org.
PLEASE FOLLOW US
Unrivalled Ocean Freight
Unparalleled choice and flexibility are synonymous with the UK’s leading Ocean Freight provider.
Award Winning Airfreight
Our record breaking (five times) BIFA Airfreight Award winning team eagerly await your enquiries.
Premium European Services
The UK’s leading independent provides quality services to and from all major locations across Eastern and Western Europe.
View our careers page to find out more about a Uniserve career.
Keep in Touch
Please subscribe to receive a monthly newsletter of our latest news and articles.
As part of our ongoing promotion of the new Felixstowe Mega DC we’re excited to reveal that an article by Warehouse & Transport Director David Barry is now running in Retail Week’s prestigious online feature “Christmas in July”.
The city of Zhengzhou – a major air and rail freight hub – has experienced record flooding since the weekend, with more heavy rain expected in the coming days.
Uniserve’s monthly market snapshot providing international freight, trade and supply chain insights and forecasts for the weeks ahead.