El Niño Hits Global Shipping
Climate-driven extreme weather events are increasingly impacting major shipping routes worldwide. Due to severe drought conditions in Panama, water levels have fallen to historic lows, prompting the Panama Canal Authority to restrict the number of vessels passing through the canal. These restrictions have resulted in a backlog of ships waiting to use the waterway, a faster alternative between the Atlantic and Pacific Oceans. Global shipping routes are vulnerable to such disruptions, and experts warn that climate change could lead to more frequent events like the Suez Canal blockage in 2021. Low water levels on the Rhine River, Europe's busiest waterway, have also made it challenging for vessels to transit at capacity, raising shipping costs.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Climate-driven extreme weather events are increasingly impacting major shipping routes
00:06 worldwide.
00:07 Due to severe drought conditions in Panama, water levels have fallen to historic lows,
00:12 prompting the Panama Canal Authority to restrict the number of vessels passing through the
00:16 canal.
00:17 These restrictions have resulted in a backlog of ships waiting to use the waterway, which
00:22 usually serves as a faster alternative between the Atlantic and Pacific Oceans.
00:27 Several shipping routes are vulnerable to such disruptions, and experts warn that climate
00:31 change could lead to more frequent events like the Suez Canal blockage in 2021.
00:36 Low water levels on the Rhine River, Europe's busiest waterway, have also made it challenging
00:41 for vessels to transit at capacity, raising shipping costs.
00:45 For all things money, visit Benzinga.com.
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