One of the most severe droughts to ever hit Central America has forced authorities to restrict shipping using the critical Panama Canal by more than a third, AP News reported.
The move has led to chaos along the 50-mile (80km) maritime route, causing a traffic jam of vessels, the report went on, and comes amid shipping bosses rerouting away from the Red Sea and Suez Canal after a series of drone and missile attacks by Iran-backed Houthi rebels.
The combination of events is already having far-reaching effects on global trade by delaying shipments and raising transport costs, analysts say.
Read the full story: AP News
- By Sean O’Meara
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