🇵🇦 A South Korean company paid a record $5.3 million for priority passage through the Panama Canal as severe drought linked to El Niño threatens to restrict ship traffic. The tanker is scheduled to transit on September 1, just before daily crossings are reduced from 36 to 34. Further cuts to 32 transits are expected later in September. The canal handles around 5% of global maritime trade, making water shortages a major risk for global shipping.