Panama Canal to Increase Daily Ship Transits Amid Improved Water Levels

The Panama Canal plans to increase the number of daily transit slots for ships from 34 to 36 starting in September, thanks to improved water levels due to recent rains. In 2023, Panama experienced its third driest year, leading to restrictions on the number of ships using the waterway that connects the Atlantic and Pacific oceans. The canal’s operations were disrupted, with over 100 ships sometimes queuing for up to 21 days.

Deputy Administrator Ilya Espino stated that operations are returning to normal, with an increase to 35 transits in August and 36 in September. Despite competition from projects in Colombia and Mexico to connect the two oceans, the canal remains competitive due to its diverse market and operational flexibility. The authorities also plan to build a new reservoir within six years to ensure a stable water supply for the canal’s operations.

The canal authority expects revenues to increase by 18% in the upcoming fiscal year, with state grants increasing by 13%. While focusing on strengthening operational competitiveness, the priority remains finding new water sources to sustain operations. The canal continues to play a crucial role in global shipping, with plans to maintain normal transit operations and adapt to changing market dynamics.

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