The Panama Canal is underway with a six-year, billion-dollar construction of the Indio River reservoir, aiming to facilitate the daily transit of 36 ships through this crucial global waterway, as stated by the canal's administrator. This reservoir is intended to integrate with the existing artificial lake network, enhancing the canal's operational reliability and supporting water supply for human consumption. "We are looking at six years," mentioned Ricaurte Vasquez, the canal administrator, highlighting the project's goal to "provide a little more certainty to maintain 36 transits per day, a higher level of reliability for the route."
Following a period of increased rainfall, which ameliorated the canal's water levels, the Panama Canal Authority recently announced an augmentation in the total number of slots to 35 for both Neopanamax and Panamax locks, effective after Aug. 5. This enhancement comes as a recuperative measure after the canal's transit capabilities were previously hampered by drought conditions. The overall financial commitment for the reservoir project is projected at approximately $1.2 billion, with an additional $400 million allocated for investments in adjacent communities.
Source: reuters.com