As we near the end of the year, a report presents that U.S. layoffs for 2023 through October more than doubled over 2022 for the same period. The information was sourced from The Challenger Report which explained that even though cuts in October were down 22% over previous month, the job cuts in 2023 YTD was 641,350 vs. 243,388 in 2022. Technology was the leading industry responsible for most of the number racking up 158,513 lost jobs. (More at: CFO Magazine, “U.S. Employers Announced 22% Fewer Job Cuts in October” Vincent Ryan, Senior Reporter-at-Large, 11/3/2023)

As reported in last Update, the Panama Canal Authority (ACP) has currently maintained the same plan over the next several months with reduced reservation slots dropping down to a low of 18 daily by February 1. However, FreightWaves is now reporting that with the continued traffic to the canal (avoiding diverted routes) the average wait time for ships without a reservation has risen dramatically from 2.1 days on November 1 to 11.4 as of Wednesday this week for southbound transits. (More at: FreightWaves, “No Reservation at Panama Canal? Prepare for a long wait” Greg Miller, 11/29/2023)

Recently arriving on 11 November at Hutchison Ports Port of Felixstowe (largest UK container port), the container mega-vessel Mumbai Maersk set a new a record for the deepest draft at that port. Originating from Bremerhaven, Germany, the draft measured at 16.8 metres on arrival and 17 metres at departure. Only weeks before the port completed a major project that increased the depth of the approach channel and two berths. (More at Container News, “Mumbai Maersk sets new draft record at Port of Felixstowe,” 11/16/2023)

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This past weekend, the Central Park tanker, after ignoring an initial threat (by Yemen’s Houthi rebels) was attacked by five Somali pirates but was rescued by the U.S. Navy destroyer USS Mason. After this and two other recent attacks on ships in the region, the container vessel Zim Europe reversed course on Saturday in the Mediterranean to avoid its original route through the Suez Canal and set a 56% longer course around the Cape of Good Hope to Port Klang, Malaysia. (See more at FreightWaves, “Zim Container ships divert as threat to Israel-linked vessels mounts” by Greg Miller, 11/27/2023)

With the regional rainy season expected to end by about mid-December, the Panama Canal experienced an extremely low amount of rain, 41% less than normal for the month of October. This resulted in a historic low water level in Gatun Lake. In order to maintain a competitive depth for ship drafts, the Canal announced new operational measures including a substantial decrease in reservation slots. Recently, the daily transits reservation slots were lowered to 32, but now will be on a reduction schedule to further lower the slots over the next few months reaching down to 18 on February 1. (More at Panama Canal website, https://pancanal.com, press room-News, “The driest month of October since 1950” 10-31-2023)