The Panama Canal Restricts Traffic Amid Hormuz Crisis: Why This Matters The Panama Canal, a 121 year old waterway that has long been the backbone of global trade, is facing congestion due to low water levels caused by the El Nino weather phenomenon.
The Panama Canal Authority has imposed strict new limits on vessel traffic through the canal, with only 34 vessels permitted to sail daily starting this week. By September 15, that number will drop further to 32.
This development has significant implications for global trade and commerce.