In October 2023, #Panama# received 41% less rain than usual, the driest month since records began 70 years. The drought may have been linked to the El Niño phenomenon, which caused water levels in Panama's Gatun Lake to drop to unprecedented lows. Therefore, as of November 1, 2023, the #Panama Canal# transit restrictions have been strengthened. The average number of crossings through the canal will be reduced to 31 ships per day, while the number of vacancies available for booking per week will also decrease. It mainly affects the southbound trade in the region, prompting a shift in trade routes between the United States and China. #Drewry# forecasts a 5-6% increase in freight rates due to a change in routes, while the corresponding increase in tonnage of nautical miles will drive demand for #drybul# vessels.
