Forty percent (40%) of the Global Supply Chain came to a halt today as the Panama Canal shut down. Ships are presently stuck on both the Atlantic and Pacific Ocean sides of the canal because the FRESHWATER lake, which supplies the locks between the two oceans, has suffered a drought and can no longer fill the locks to allow ships to sail through the canal.
Because of the severely reduced freshwater supply, Ships are being ordered to travel with 40% less weight to deal with less water. The Panama government said these restrictions will last at least 10 MORE MONTHS.
This is causing delays in shipments from Asia to the East coast of the United States This is also causing oil shipment delays from the Middle East and India (Bharat) to the West Coast of the USA.
Get stocked up NOW.
Hal Turner Remark: Let me see if I understand this . . . The Panama Canal has the Atlantic OCEAN, on one side, and the Pacific OCEAN on the other side, and somehow or another, we're supposed to believe they've run out of water to operate the canal zone? Why not use salt water through the canal zone? Let me guess . . . . the environment?
Checking . . . . Checking . . . . BINGO! Yep!
The massive traffic jam is a result of water conservation measures deployed by the Panama Canal Authority (ACP) in late July, which limited the number of daily vessel transits to 32 and required carriers to pre-book passage. According to a recent article by CNBC, only 38% of vessels waiting to cross have reservations, compelling 62% of vessels to wait in line, some for more than a month.
Below is a map from Ship tracking online services, showing the present vessel "traffic jam" on either side of the Panama Canal:
My take on this?
This is because China controls the Panama Canal.
Jimmy Carter gave it away to Panama, who sold it to China.
So once again China is playing economic war games.