Starting in September, the Panama Canal plans to increase the number of daily transit slots for vessels from 34 to 36, according to the canal’s deputy administrator. This adjustment comes as rainfall permits authorities to relax the restrictions imposed due to the drought, Reuters highlights.
In 2023, Panama faced its third driest year on record, causing a drop in the canal’s water levels. As a result, the canal authorities had to restrict the number of vessels passing through the waterway that links the Atlantic and Pacific Oceans.
At certain times, over 100 ships queued and waited up to 21 days to transit the canal, which handles approximately 5% of global shipping.
As informed, the recent early onset of the rainy season has enabled authorities to increase the number of ships permitted to transit the canal.
The Canal Authority anticipates that this forecast will increase total revenues by 18% year-on-year to $5.6 billion for the 2024-2025 fiscal year, starting in October, with state contributions rising by 13%.
