The Panama Canal Authority already cut draft restrictions for Neopanamax vessels twice this summer.

Cargo operations have been prone to proportionally more crashes over the years, partly because flights can be longer and planes are older.

A continent that built out its infrastructure around the weather patterns of the past is confronting conditions those systems were never designed to withstand.

The priority transit slot was sold to South Korean LPG carrier G. Spirit on September 1, beating the previous record of $4.6 million set in August.

While no one claimed responsibility for the attacks, the reports followed a resumption of tit-for-tat strikes between the U.S. and Iran.

The biggest impact has been on wider Neopanamax vessels, which are typically used to ferry LPG from the U.S. Gulf Coast to Asian customers.

Yusen Terminals will invest $200 million in zero-emission cargo handling equipment as part of the deal. 

South Korea is looking to test the route as part of a push to establish regular Arctic shipping between Busan and Europe by 2030.

The bottleneck has only grown more severe in recent weeks, with ships arriving at the Sulina Canal faster than authorities can move them through.

This is only the second time the canal has ever imposed restrictions on daily transits, with rainfall in the region between May and August coming in 34% below average.