Water levels at Gatun Lake have fallen faster than predicted as the precipitation in the Panama Canal watershed is well below the historical average. The Panama Canal Authority imposed draught restrictions on ships transiting the Neopanamax locks, along with an escalation in the freshwater fee. Maximum authorized draft has been limited to 13.56 meters (44.5 feet) May 24, with the freshwater surcharge raised to 7.11% from 6.98%. The May 30 draft will be limited to 13.41 meters. The freshwater surcharge is expected to rise to 7.82% in the next 30 days. What's next? Higher shipping costs and extended wait times at the ... (full story)