Shippers spend USD 235m in bid to bypass Panama Canal congestion
Shipping companies have paid a total of USD 235m so far this year to jump ahead of congestion at the Panama Canal as drought has dramatically limited how many ships can enter the waterway, data shows.
By Ruth Liao, Bloomberg
The multi-million amount is 20% higher than what companies paid during all of 2022 for expedited passage. It’s also enough to cover a projected revenue shortfall of USD 200m that the canal faces from the drop in traffic this year, based on estimates by financial services firm ING Groep NV.
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