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PANAMA CITY, PANAMA (AUGUST 21, 2023) (FILE FOOTAGE): Due to an unprecedented drought which began last year, authorities reduced ship transit through the Panama Canal. According to canal administrators, the announced cuts are now anticipated to result in estimated losses ranging from $500 million to $700 million, a significant increase from the earlier estimation of $200 million. Panama Canal Administrator Ricaurte Vásquez, on Wednesday, said that during the first quarter of the fiscal year, the canal experienced a 20% reduction in cargo and 791 fewer ships compared to the same period the previous year. The Panama Canal uses rainwater as the source of energy that moves the ships in the locks. For each ship that crosses the route, some 200 million liters of fresh water are discharged, which the Canal obtains from a hydrographic basin formed by the Gatun and Alajuela lakes. However, this basin has been depleted by the scarcity of rainfall. (Footage by Daniel Gonzalez /Anadolu Agency via Getty Images)