The butterfly effect of a water shortage in Panama might have a devastating impact on the global supply chain—and holiday shopping.
The Panama Canal is critical to global trade and the supply chains that enable it. And the Panama Canal relies on freshwater from local freshwater lakes to enable the locks to rise and lower the massive vessels that go through this key shipping lane every day. It is estimated that the lock system in the Panama Canal uses at least five million gallons of water to channel each vessel through the canal. As a result, canal authorities enforce restrictions on the weight and volumes of vessels daily.
More than 14,000 ships traveled through the canal in 2022. Container ships make up the majority of traffic and carry an estimated 40% of consumer goods transported between Northeast Asia and the east coast of the U.S. Obviously, this could disrupt U.S. manufacturing and retail if the levels don’t rise during the remainder of the rainy season.Several freighters, assisted by tugboats, are entering the Panama Canal at Gatun Locks on the Atlantic side.
and the infamous blockage of the Suez Canal by the gigantic Evergreen in 2021, it is imperative businesses have risk mitigation strategies in place to handle such situations.What are my alternate sources of supply for key resources?What are the knock on effects to production scheduled, customer orders and ongoing campaigns?
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