5 MINUTES AGO: Nicaragua Canal Just SHUT DOWN The Panama Canal!
Could a route through Nicaragua be a viable alternative to the Panama Canal?
Global trade depends on the Panama Canal, but a recent drought has left many ships awaiting passage through it, prompting concerns about the necessity of another route between the Atlantic and Pacific oceans.
There is an enormous amount of traffic gridlock. Some estimates have claimed that at over 200 ships are floating there, waiting. Some are filled to the brim with consumer products, building supplies, furniture, and other objects. Some are gas or oil-filled. Some are transporting grain. All of them must pass through the Panama Canal, one of the most well-known bottlenecks in the world and an essential entry point for international trade.
Two reservoirs that supply the canal have experienced their water levels drop due to an extremely uncommon drought that occurred in the middle of Panama's predicted wet season. Operators were forced to limit the size and quantity of ships that may travel through the locks on a daily basis as a result.
Our "just-in-time" global economy means that these goods' markets are unable to wait around for very long. The canal is used annually to transport merchandise valued at an estimated $270 billion (£210 billion) to over 170 nations. In an effort to escape the delays, a few of the ships have already decided to take detours.
According to Michelle Wiese Bockmann, senior analyst at global maritime specialists Lloyd's List Intelligence, "It's unprecedented, and it's a cause for concern." She goes on to say that the circumstance would increase freight expenses, particularly for fuels like liquefied natural gas, which might have an impact on consumer prices.
This is the kind of time when old ideas come back to life: what if there was another ship route that could take you from the Pacific to the Atlantic?
The United States had two choices in the early 1900s: it could build a canal via Panama or across Nicaragua. The Panama option was approved by the US Senate. It was a fairly simple decision because there were fewer active volcanoes along the path and it was shorter than in Nicaragua.
However, the dream of a Nicaraguan canal has endured. A Chinese billionaire spearheaded a massive project ten years ago with the goal of constructing this kind of canal by the end of the decade. There was a lot of fanfare, but it never happened. However, the severe drought that is currently affecting the Panama Canal and the possibility of more water supply problems in the upcoming years due to climate change have led some to wonder if building a second canal in Nicaragua or via routes through other neighboring Central American nations might not be such a bad idea after all.
According to Jean-Paul Rodrigue of Hofstra University, who has researched the lengthy history of debates around the construction of a Nicaraguan canal, it is "technically feasible". But there are a lot of challenges. "The problem is the distances involved are much longer, significantly longer," according to him.
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