$4 million! The Panama Canal's "queue insertion fee" hit a new highPanama Canal's water level dropped due to drought, and traffic was greatly reduced, and ships could only wait in line to pass through. In order to give priority to the passage of shipping

$4 million! The Panama Canal's "queue cutting fee" hit a new high

The Panama Canal has been flooded with a drop in water levels due to drought, and traffic has been drastically reduced, leaving boats waiting in line to pass through. In order to give priority to the passage of the canal, the Japanese energy company Eneos Group paid $4 million. Due to the extended waiting time of the vessel, the Christmas delivery time has been affected, which may lead to the increase in the price of the related cargo. China is the second largest user of the Panama Canal, accounting for 21.4% of the canal's total freight volume each year. The canal restrictions will lead to higher transportation costs, which may affect global trade and economic development.