Panama Canal Increases Daily Transit Slots To 36 As Rain Ease Drought Restrictions
The Panama Canal is set to increase its daily transit slots for vessels from 34 to 36 starting in September, following the early arrival of the rainy season, which has eased drought-imposed restrictions.
Deputy Administrator Ilya Espino announced that the canal will increase the daily slot count to 35 from August 5 2024, with a further increase to 36 in September.
The increase marks a major rebound for the canal, which had its third driest year on record in 2023.
The drought caused a significant decline in water levels, leading to severe restrictions and long wait times for vessels.
Over 100 ships waited for up to 21 days to pass the canal, which serves as a key route for approximately 5% of world trade.
Espino added that the situation is back to normal with increased rainfall, allowing the canal to operate with increased capacity.
The canal’s summer operating targets include maintaining a consistent number of transit slots and adjusting draft limitations as needed.
The Canal Authorities’ total revenue is predicted to increase by 18% year over year to $5.6 billion during the fiscal year 2024-2025, beginning in October.
Additionally, state contributions are expected to increase by 13%.
The Canal Authority aims to strengthen its competitive position despite ongoing projects in Columbia and Mexico that propose alternate routes between the Atlantic and Pacific Oceans.
Espino described these developments as complimentary, highlighting the canal’s diverse market and flexibility.
The Canal Authority intends to build a new $1.6 billion reservoir along the Indio River, with completion expected in 6 years.
The reservoir is expected to boost the canal’s capacity to maintain at least 36 transits per day and reduce future drought impacts.
The Panama Canal can handle 40 transits per day when it is at full capacity.
Last year’s drought reduced capacity and caused an almost 2-meter reduction in maximum draft limitations for vessels using the larger neopanamax locks.
However, now that the rain is here, the canal is approaching its full operational potential.
Reference: Reuters
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