El Niño cuts Panama Canal earnings

An intense drought related to this year’s El Niño phenomenon has precipitously lowered the level of Panama’s Gatun Lake, forcing the country’s Canal Authority to impose draft limits this week on ships moving through the waterway’s recently expanded locks.

The restrictions mean that large ships, primarily from the United States and China, must pass through with less cargo, which translates into lower revenue for the voyages, the Associated Press reports.