The Panama Canal:
A container ship paid nearly $4 million to bypass a 10-day Panama Canal queue amid surging shipping demand, Middle East diversions, and drought-related transit restrictions.The Panama Canal is an artificial 50-mile (82 km) lock-type waterway that cuts across the narrow Isthmus of Panama. Connecting the Atlantic Ocean (via the Caribbean Sea) with the Pacific Ocean, it serves as one of the world’s most critical maritime transit choke points.Situated at 9° N latitude in Central America across the Isthmus of Panama, connecting Colón on the Atlantic side to Balboa/Panama City on the Pacific side.Solely owned, operated, and administered by the autonomous Panama Canal Authority (ACP) (Autoridad del Canal de Panamá), an agency of the Government of Panama.
