Summary
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The Panama Canal Authority trimmed maximum permitted draft from about 15.09m to 14.94m on July 24 and will cut it again to 14.78m on August 15, forcing neo-Panamax boxships to shed hundreds of TEU per transit. CMA CGM and MSC have already lifted North America rates, with forwarders expecting Far East-USEC quotes to test $10,000 per FEU.