Summary
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The Panama Canal Authority is enforcing staged draft cuts amid an El Niño drought, lowering the Neopanamax limit to 49.0 ft on July 24 and 48.5 ft on Aug. 15, with each 0.5 ft cut forcing large ships to shed hundreds of TEUs. Carriers have added drought surcharges on U.S. East Coast and Latin America routes, and some are rerouting via Cape Horn, adding 8–12 sailing days.