Panama Canal’s Revenue To Shrink By $200 Million Next Year Due To Reduced Crossings

The managers associated with the Panama Canal stated that they expected income to fall after the authorities were compelled to restrict the number of vessels passing via each to 32 owing to inadequate rainfall.

Panama Canal
Representation Image

Ricaurte Vásquez, the Panama Canal’s administrator, mentioned on Thursday that the income in 2024 might fall by nearly $200 million due to the drought. The crucial canal reportedly implemented a measure on Sunday capping the number of vessels passing via its locks daily to the maximum of 32, compared to 36–38 under normal operations. More rain must be received to feed the watershed system of brooks and rivers that fill the lakes, whose water, in turn, fills up the locks.

The watershed supplies freshwater to Panama City, home to nearly half the nation’s population of about four million. The canal was expected to earn approximately $4.9 billion in fees next year before the measures were declared.

Reference: Reuter, Star Advertiser, The San Diego Union Tribune

Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Do you have info to share with us ? Suggest a correction

Latest Shipping News You Would Like:

Get the Latest Maritime News Delivered to Your Inbox!

Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.

Leave a Reply

Your email address will not be published. Required fields are marked *