Summary
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The Panama Canal Authority has told shipping lines the maximum authorised Neopanamax draft will fall to 48 feet (14.63m) from 26 August and 47.5 feet (14.48m) from 3 September - the fourth and fifth cuts of this cycle - citing Gatun Lake levels and El Nino risk. Daily transit numbers are unchanged for now, so the immediate effect is reduced payload, not fewer slots. Carriers have already filed transit surcharges of $200-$1,000/FEU.