Summary
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El Nino drought has forced the Panama Canal Authority to cut Neopanamax draft to 49.5 ft (15.09m) from July 3, with further reductions to 49.0 ft on July 24 and 48.5 ft on August 15. Each ~0.5 ft cut forces large ships to offload hundreds of TEU; Maersk, MSC and CMA CGM have added drought surcharges on US East Coast and Latin America lanes.