{"text":[[{"start":8.24,"text":"The Panama Canal Authority is to limit the number of daily ship transits from September because of a lack of rainfall amid an intensifying El Niño weather pattern."}],[{"start":17.9,"text":"The waterway vital to global shipping will allow 32 vessels to pass daily from September 15, compared to the current 36, the authority said on Thursday. The first cuts will begin on September 3."}],[{"start":30.64,"text":"The canal, which connects the Atlantic and Pacific oceans and carries more than 3 per cent of global maritime trade, relies on fresh water to operate its locks and has had less rain than normal. It enacted restrictions last month that forced ships to carry less cargo in order to contend with lower water levels."}],[{"start":49.04,"text":"The canal suffered a historic drought between 2023 and 2024 and slashed booking slots for the first time. Since then, it has implemented water-saving measures, but on Thursday the authority said low rainfall meant it needed to take further action."}],[{"start":64.8,"text":"This year’s El Niño, when surface temperatures in the Pacific Ocean rise potentially causing severe drought and warmer winters, could be one of the most intense ever. Leading climate scientists have called it a “super El Niño” and expect severe weather disruption across several continents."}],[{"start":81.86,"text":"Global logistics companies have been preparing for possible disruptions in the 110-year-old canal."}],[{"start":null,"text":"
"}],[{"start":88.08,"text":"Prices to cross the canal hit record highs in August, averaging about $1.1mn, more than 16 times the average cost for the same period last year. The price surged after the US and Israel’s bombardment of Iran began in February, leading to the closure of the Strait of Hormuz."}],[{"start":106,"text":"The authority said from September 3 it would divide its daily auctions for transit slots into four categories according to the type of cargo to promote more equitable allocation. It will also prioritise ships with the most capacity in its larger Neopanamax locks. It strongly advised users to arrange bookings in advance."}],[{"start":125.24,"text":"The new allocation measures were put in place after the canal struggled to persuade liquefied natural gas and food commodity traders to return to the route after slot reductions in 2023 and 2024."}],[{"start":137.96,"text":"“Should additional operational adjustments become necessary, the canal will provide customers with timely updates,” the authority said. “Because weather conditions are changing more rapidly than originally anticipated, the Panama Canal will make every reasonable effort to announce any future adjustments as far in advance as possible.”"}],[{"start":156.04,"text":"As well as being vital for global trade, the canal is also an essential revenue source for Panama’s government, providing almost $3bn of income in fiscal year 2025."}],[{"start":167.859,"text":"US President Donald Trump has criticised China’s influence over the canal, vowing last year to “take back control”."}],[{"start":174.52,"text":"Danish shipping group Maersk and Switzerland-based MSC in February took over operations of two key ports on the canal after Panama’s top court annulled the contract of CK Hutchison, the Hong Kong-based operator. CK Hutchison is seeking more than $1.5bn in damages."}],[{"start":197.24,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1787289679_7653.mp3"}