Gatun Lake, the artificial lake which discharges water into the locks of the Panama Canal, for transit between the Atlantic and the Pacific is down to the lowest level since 1995.
October precipitation has been the lowest since 1950 and is down 41 percent from normal. New forecasts peg rainfall to remain 38 percent below normal for the rest of the year. Thus, the Canal Authority has announced more shipping restrictions. Since the end of July, the Authority reduced capacity to 32 vessels per day; historically the average is around 40 ships. That caused a back-up in August of 160 vessels. Neopanamax vessels faced an average wait of 17 days. Yesterday the authority announced that starting 3 November booking slots...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
