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.

Observers said the agreement could serve as a model for other regions, although much will depend on how quickly the promised funding arrives.

Diplomats described the talks as long but constructive. A follow-up meeting is planned for next year to review progress.