Global shipping is severely disrupted by Houthi attacks on ships heading to the Suez Canal.
Across the Atlantic, the other canal vital to global trade is also suffering from major disruption as fewer ships are now getting through.
The El Niño weather phenomenon contributed to a severe drought, the ACP said.
It is expected to increase the cost of shipping goods around the world.
The Panama Canal greatly reduces the time and distance for ships to travel between the Atlantic and Pacific oceans.
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