The Panama Canal moves roughly $270 billion dollars worth of cargo annually — it’s the trade route taken by 40% of all US container traffic alone. But the crucial waterway is contending with a crippling drought, worsened by climate change and infrastructure constraints. Water levels are so low that the Panama Canal Authority is restricting the number of ships that can pass through each day. As the line gets longer, shippers are paying to jump the line, or resorting to workarounds. Bloomberg reporter Peter Millard traveled to Panama to understand how the drought is snarling global shipping and impacting locals. ... (full story)