Water levels on the Mississippi River are low, impacting barge movement once again this fall. The Panama Canal is also dealing with major restrictions due to very low water levels. Only 32 vessels are allowed to cross each day, down from 40 one year ago. The Panama Canal Authority allows shippers without reservations to skip the line by participating in an auction. Advance Trading Risk Management Advisor Tommy Grisafi is monitoring these transportation costs. “There was a vessel that paid $2 million to get through the Panama Canal,” said Grisafi. “It’s like you’re on StubHub, people are outbidding each other four, five, six times that would be the normal amount because of the huge backlog of ships.” Late last week, there were 115 vessels waiting in the queue to move through Panama Canal. Watch the interview.
