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The rival to the Panama Canal that was never built

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31 Aug 2023 05:16 #401253 by chairman
The Panama Canal is essential to global trade, but a recent drought has left large numbers of ships waiting to pass along it, raising questions about whether an alternative route between the Atlantic and Pacific oceans is needed.
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It is a traffic jam on a colossal scale. More than 200 ships, according to some estimates, float there, just waiting. Some are loaded with containers stuffed full of items including furniture, consumer goods or building materials. Some carry oil or gas. Others are transporting grain. They are all due to travel through one of the world's most famous bottlenecks – a vital gateway for global shipping – the Panama Canal.

A highly unusual drought, right in the middle of Panama's supposed wet season, has lowered water levels in two reservoirs that supply the canal. As a result, operators have had to restrict the size and number of ships that pass through its system of locks each day.

In our "just-in-time" global economy, the markets trading these goods can't wait for long. An estimated $270bn (£210bn) worth of cargo passes along the canal each year en route to over 170 countries. Some of the ships have already chosen to take detours in a bid to avoid the delays.

"It's unprecedented, and it's a cause for concern," says Michelle Wiese Bockmann, senior analyst at global maritime trade experts Lloyd's List Intelligence. The situation, she explains, could push up freight costs, especially for fuels such as liquefied natural gas, potentially affecting consumer prices.

Always tell someone how you feel because opportunities are lost in the blink of an eye but regret can last a lifetime.
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02 Sep 2023 16:46 #401265 by ketchim
VillageBelle visited....and had no issues LoL

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09 Sep 2023 18:02 #401325 by VillageBelle
Yes, vacationed in Panama twice.....enjoyed every moment of the trips
Went on a day-trip to see the operation of the Panama Canal.
Lots of huge cargo ships and cruise liners were lined up waiting their turn to go through the lock.
A friend of mine went on a 14-day Panama Canal cruise......she loved it!

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09 Sep 2023 18:27 #401327 by chairman
i may skip cricket on go on the canal cruise

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