World trade has been affected by the ongoing restrictions placed on passage through the Panama Canal due to low water level. Administrators of the waterway imposed a Long-Term Slot Allocation Program effective October 1st. During 2023, LPG crude oil and automobiles were reduced by delays in passage and increased transit times.
The action by Houthi terrorists affecting passage of vessels in the Red Sea has resulted in vessels avoiding the Suez Canal and traveling around the Cape of Good Hope, adding both time and cost to shipments.