Panama: Drought affecting the canal causes millions in losses
The drought that has affected the Panama Canal since last year has forced a 36% reduction in ship traffic, resulting in losses of between US$500 million and US$700 million by 2024. teleSUR
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00:00 The world could be heading for a new supply crisis, not only because of tensions in the
00:05 Red Sea but also because of the severe drought affecting the Panama Canal.
00:09 The extreme drought caused by the El Niño phenomenon leaves millions of dollars in losses
00:14 in the supply chain.
00:16 Companies that provide fuel, food and service deliveries report a decrease in income of
00:21 up to 50 percent.
00:23 The president of the Panama Logistics Business Council, Hugo Torrijos, said that the increase
00:27 of vessels currently traveling is from 38 to 24.
00:31 The administrator of the Panama Canal Authority also gave an account of the millionaire losses
00:36 suffered by the country.