PANAMA CANAL NEARING NORMAL LEVELS AND INCREASING TRANSIT VOLUME
After months of low water levels due to a historic drought, the Panama Canal’s freshwater reservoirs are approaching normal levels as summer begins. The drought, starting in mid-2023, reduced water levels in Gatun Lake, forcing the Panama Canal Authority (APC) to restrict the number of ships transiting and impose draft restrictions.
DAILY TRANSITS REBOUND
Earlier this month, the APC announced they will be increasing the number of daily booking slots to 35, starting in August. This increase is a reversal of the rules implemented last year which restricted daily shipping traffic through the canal to 18 vessels at one point in October 2023. Larger vessels falling under the Panamax vessel categories have also been granted extra booking slots:
Neo-Panamax – largest class of vessels permitted to transit the canal – granted an extra booking slot starting in August, enabling 9 of the largest class of ships to transit the canal daily.
Super-Panamax – slightly smaller than neo-Panamax – granted an extra booking slot starting in the last week of July, enabling 19 vessels to transit the canal daily.
DRAFT RESTRICTIONS ROLLED BACK
The APC will be reducing draft restrictions which had been increased over time as the drought dragged on, allowing ships to carry more cargo. At the height of the drought, ships transiting the canal were held to a 45-foot draft lime, impacting the amount of cargo they could carry. Starting in August, vessels moving through the canal will be allowed a 48-foot draft.
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