In its 2024 risk report, everstream.ai said a US$1 billion weather-causes event happens every three weeks, on average, in the United States. In the 1980s these events only occurred every four months.  The report highlights the drought affecting the Panama Canal as an example of weather-related disruptions. “From 2024 onwards, very large tanker carriers (VLTC) may avoid the Panama Canal altogether due to increased waiting times.  Other shipping operators will reroute cargo via the Suez Canal or the Cape of Good Hope,” the report suggested.   Winter storms are another weather risk. Global ocean temperatures begin 2024 at record highs, and, combined with a rising trend in disruptive winter weather (snow, ice, wind), this elevates the risk of more harmful storms.  Changes in precipitation distribution patterns will also create increased drought and flooding around the world.

Weather to be biggest supply chain risk in 2024: report, January 3, 2023, www.insidelogistics.ca