Shipping rates fall as new canal locks open

Container shipping rates have fallen by around twelve per cent since the opening of larger locks on the Eastern Canal, which allow bigger ships to pass.

Port operators expect traffic through the canal to rise by a quarter next year, shortening many routes between the two oceans by several days.

The announcement was followed closely in neighbouring countries, several of which are considering similar measures.

Officials stressed that the timetable is ambitious and that progress will be reported publicly every six months.