The problem right now is that water levels are steadily falling, and they shouldn't be doing that between May and December, says Ross Griffith, head of freight pricing at Argus Media.
Most voyages through the canal are booked in advance at fixed prices, but around 30% of ships passing through the canal compete for a berth in daily auctions.
So far in August, auction prices have reached $1.1 million for the canal's most common locks, 16 times higher than in the same period last year.
Prices are rising as lower water levels due to the El Niño weather phenomenon are expected to limit how much cargo ships can carry through the canal later this year, according to the FT.
