The Panama Canal Authority (ACP) has reported a 29.3% decrease in ship transits for Fiscal Year 2024, attributing the decline to a severe drought that has affected the interoceanic crossing. The total number of transits fell to 9,944 from 14,080 in the previous year. The ACP detailed that of these transits, 7,084 were by panamax vessels, while neopanamax vessels accounted for 2,852.
Attributed to the El Niño phenomenon and global warming, the drought has significantly impacted the canal's water supply, sourced from Alajuela and Gatun lakes. This situation has constrained the daily average of ship passages from 38 to 22 between July 2023 and May 2024. Despite these challenges, the Panama Canal anticipates a rebound in revenue to US$ 5.623 billion in 2025, with an expected 13,900 ships carrying 520 million tons of cargo.
The canal, a crucial conduit for global maritime trade, was inaugurated on August 15, 1914, by the United States and facilitates approximately 5% of the world's maritime commerce.
Source: MercoPress