Shipping 'traffic jam' at Panama Canal: Why it's not a crisis (yet)

The widespread headlines on Panama's drought and the traffic jam of ships at the canal sound ominous. Authorities at the Panama Canal Authority (ACP) have called this year's water shortages an "unprecedented challenge." Media coverage on the canal begets more coverage. Shipping journalists' inboxes are now filling up with public-relations pitches offering clients' expert opinions on "the historic drought set to disrupt global supply chains," the "Panama Canal gridlock impacting the global supply chain" and "looming potential shortages as the Panama Canal restrictions impact holiday stocks." The reality is that Panama Canal constraints have yet to affect American consumers. The…