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)

Reuters reports today the Israeli Port of Ashdod remains open amid intermittent halt of operations “when wailing sirens warn of incoming rockets from Gaza.” Some ships have decided to divert to the port of Haifa in northern Israel resulting in a current 30% drop in port volume. (See more at Reuters, “Israel’s Ashdod port toils under shadow of rockets” by Jonathan Saul, 10/25/2023)

Despite the continued increase in mortgage rates, the median home prices in the U.S. have also climbed almost 3% since a year ago September. While a correction was anticipated as the housing market began to slow down late last year, home values have remained fairly steady with no concerns of a market crash and even expectations of continued rising prices in 2024. Experts explain five reasons for this housing market environment. (See more at yahoo!finance, “Is the housing market going to crash? What experts are saying” Jeff Ostrowski, 10/21/2023)

We are already familiar with how pandemics and war can impact global shipping as we look at past experiences and transport issues resulting from Covid and the Ukraine-Russian war in very recent years. Greg Miller of FreightWaves explains that “The war in Israel, if it expands beyond the country’s borders, poses risks to two key shipping choke points: the Suez Canal, a key waterway for all types of commercial vessels, including container ships, and the Strait of Hormuz, which is pivotal to oil and gas shipping.” (See FreightWaves, “War in Israel: The new geopolitical flashpoint for ocean shipping” by Greg Miller, 10/11/2023)

Weeks ahead of deadline and describing legislation as “unnecessary,” Gov. Gavin Newsom vetoed the California Assembly Bill 316. While the state legislature provided sweeping support for the bill, the veto will now allow the continued operation of heavy-duty driverless trucks as regulated under current law. (See more at FreightWaves, “Governor vetoes autonomous trucking ban in California,” Alan Adler, 9/23/2023)

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In October, the Danish Transport Ministry is presenting a bill to allow, on a trial basis, the use of extra-long trucks and double trailers up to 34 metres on certain designated roadways. Danish Transport Minister Thomas Danielsen states that “We have to make the best use of roads, and therefore we are opening up to be able to drive extra-long trucks where the roads allow it. When a single truck can carry more, it results in less CO2 and fewer vehicles on the roads, and is therefore both a win for the climate and for congestion.” (Read More at Trans.INFO, “Long trucks will cut congestion and help environment, says Danish Transport Ministry” Gregor Gowans, Journalist, 19.09.2023)