INSUBCONTINENT EXCLUSIVE:
(Opinion) The Panama Canal, an engineering marvel and linchpin of global commerce has been under severe duress recently.Reduced rainfall in
holds the ultimate trump card.This climatic adversity has caused a ripple effect on global trade.Experts forecast that we might witness some
of the hottest years in 2023 and 2024, further drying the region.Gatun Lake, which feeds the Canal, is under threat from this diminishing
reproduction.An official from the Canal Authority painted a grim picture, emphasizing how the prolonged drought had brought water levels
from the usual 36-38 to a mere 32.Add to that the new fees, weight limits, and a draft restriction of 13.4 meters for the upcoming
months.The consequences? Approximately 130 ships faced delays, some between 15 to 19 days, leading to substantial monetary losses.Vasquez
anticipates a staggering shortfall in revenue, to the tune of US$150-US$200 million for the fiscal year 2023-2024.Such setbacks will
silver lining.The ACP (Organisation of African, Caribbean, and Pacific States) opines that with its new measures, the Canal still upholds
its strategic importance in global trade, echoing its competitive edge.Established between 1904 and 1914 by the U.S., the Canal remains a
we confront the climate challenges threatening such crucial arteries of global commerce.As the Panama Canal wades through these turbulent
