Panama Canal Reduces The Maximum Depth Limit On Vessels Due To Drought

The Panama Canal will impose reduced draft restrictions on the greatest ships sailing via the key global trade channel owing to falling water levels at close-by lakes that form an integral part of the waterway, the canal authority mentioned on Tuesday.

The restrictions that will come into effect on Wednesday mean that the so-called neo-Panamex container vessels seeking to cross the canal connecting the Pacific and Atlantic Oceans must comply with a depth of about 47.5 feet, down from 50 feet, compelling them to weigh less or transport lesser goods, otherwise.

The newly introduced measures are owing to the most recent drought conditions, the canal authority mentioned, prompting the fifth adjustment of its type since the beginning of this year.

Officials could not share an end date to the measure, described it, for now, to be temporary, but said that they hope it may be lifted as soon as possible with the onset of the Central American rainy season.

Reference: Reuters, Market Screener