The Panama Canal is in the middle of one of its worst droughts on record — and the problems actually kicked off back in 2023 when severe dry weather and changing climate patterns first slashed water levels. Fast-forward to 2026, and extremely low water levels have slashed the number of vessels that can pass through each day. Carriers now face two bad choices: wait weeks for a slot or take the much longer route around Cape Horn. Both options mean significantly extended tr