El Niño 2026-27, a climate pattern linked to unusually warm Pacific waters, is emerging as one of the strongest in living memory and is disrupting industries worldwide. Its effects are already visible in Panama Canal transit costs and Chilean copper output, while the pattern could affect Asia’s rice harvest and the powder available at Colorado ski resorts. Shipping companies face added pressure as the Panama Canal tightens alongside disruptions stretching from the Strait of Hormuz to the parched Rhine. The Panama Canal Authority plans to reduce the maximum number of vessel transits, and the average auction price for ships using the largest locks has surged.