Transits of the Panama Canal fell 0.2% on a year earlier in April after a 3% drop in the first quarter. While volumes transited likely increased 10% due to a higher proportion of neopanamax vessels that growth is by no means guaranteed. Only 63% of available neopanamax slots were booked in the month – during which an extra slot was added – the lowest since November 2016. That may reflect declining trans-Pacific trade after China-U.S. shipments fell 6% in April, which may worsen given deteriorating relations between the two countries. The process of diversions of trans-Paci...