Panama Canal Set To Return To Normal

June 21, 2024

 

After more than a year of draft restrictions caused by severe drought conditions, the Panama Canal will be returning to almost normal operations by the middle of July.

The Panama Canal Authority have confirmed that from 22nd July the maximum number daily vessel passages will be rising to 34, which is at the low end of the average 34-38 daily transits in usual conditions.

At the lowest ebb of this el-nino induced drought, a maximum of just 20 vessel transits were allowed per day, as major congestion and delays impacted the Central American waterway.

The canal is the only point where container ships can cross between the Atlantic and Pacific oceans and is therefore seen as essential to global trade.

Unfortunately, there is no good news for the Suez Canal. The Egyptian state-owned waterway has been financially impacted since the carriers were forced to route containerships away from the Red Sea area due to Houthi attacks.

Suez Canal were down to 44.9 million tonnes in May, a drop of 68.5% on the 142.9 million tonnes the previous year. In turn, revenue fell to $337.8 million last month, which is 64.3% less than the $648 million recorded in the same period last year.

 

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