The Panama Canal Authority (ACP) announced a further decrease to daily ship crossings due to an intense drought in the vital trade route. The ACP plans to reduce booking slots through the canal from 31 to 25 per day starting November 3, gradually scaling down to 18 slots by February 1. Water levels in the key Gatun Lake have hit unprecedented lows for this time of year, largely due to the second driest year on record and the impact of the El Nino climate pattern. As a result, the ACP has already imposed passage restrictions, causing substantial delays and a backlog of ships waiting to transit the canal. The delays have had ripple effects on global shipping rates, particularly impacting the transportation of liquefied gas from the United States.