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.

Local residents interviewed by reporters were cautiously hopeful. Many said they had heard promises before, and would believe the change when they saw it.

International organisations welcomed the news and offered technical help with the next steps.