"Severe Drought Threatens Panama Canal with $700 Million Loss in Traffic"

A severe drought in Panama has led to a 36% reduction in ship crossings through the Panama Canal, potentially costing between $500 million and $700 million in 2024. The drought has caused chaos in the important trade route, raising concerns about its impact on global trade and prompting calls for more efficient water management and new water sources. The disruption comes at a time when attacks on commercial ships in the Red Sea have already rerouted vessels, further affecting global trade.