Panama Canal drought forces Maersk to start using 'land bridge' for Oceania cargo
Publishing timestamp: 2024-01-11 20:05:52
Summary
The article discusses how the ongoing water shortage in the Panama Canal has led shipping giant Maersk to inform clients that vessels with freight from Oceania (Australia and New Zealand) will no longer traverse the canal. Instead, Maersk will use a "land bridge" method to service client's containers, which involves dropping off and picking up cargo at ports in Panama and transporting them via rail across the country. The severe drought has led to water depth and weight restrictions on ships passing through the canal, causing delays and additional surcharges for shippers. The article also mentions that the Panama Canal is expected to receive additional vessel traffic as ocean carriers avoid the Red Sea due to ongoing Houthi attack risk.
Sentiment: NEGATIVE
Tickers: AMKAF, MAERSK.B-DK, MCD,
Keywords: world economy, economy, transportation, breaking news: business, panama, transportation and shipping, droughts, trade, shipping, panama canal, breaking news: economy, business news, mcdonald's corp, ap moeller - maersk a/s,