The rival to the Panama Canal that was never built

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.

i may skip cricket on go on the canal cruise