Bulk

Drought in Panama sends bulkers on profitable longer voyages

More dry cargo ships are sailing through the Suez Canal rather than Panama, where drought causes low water levels, restrictions and long waiting times.
A dry cargo ship sails through the locks of the Panama Canal, which is struggling with drought and low water levels. | Photo: Aris Martinez/Reuters/Ritzau Scanpix
A dry cargo ship sails through the locks of the Panama Canal, which is struggling with drought and low water levels. | Photo: Aris Martinez/Reuters/Ritzau Scanpix
by DANIEL LOGAN BERG-MUNCH

The drought crisis in the Panama Canal could send freight rates skyrocketing for dry cargo ships that need to take a longer route to get to China in particular.

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