Panama Canal fees hit record high as El Niño and Iran war choke shipping

The Panama Canal has seen record-high fees due to a combination of the El Niño weather pattern and geopolitical tensions involving Iran affecting global shipping. El Niño's falling water levels are reducing the canal's capacity, leading to fewer transit slots and higher charges to compensate. This situation underscores the canal's critical role in global trade routes and highlights the vulnerabilities of such infrastructure to both natural and man-made disruptions. The rising fees could have ripple effects on international shipping costs and supply chains worldwide.