Clarksons Research believes the huge disruption caused by transit restrictions at the Panama Canal will linger for some time yet.
Crossings will be cut to 18 per day from February, half of the usual number, due to low water levels caused by drought.
Steve Gordon, managing director of Clarksons Research, said: “Transit restrictions appear likely to remain in place for some time to come, with the rainy season in Panama falling from May to December.”