The Panama Canal Authority declared an increase in daily passages through its Panamax locks from 24 to 27, starting late March.
This expansion aims to meet the rising demand for this critical maritime route that links the Pacific and Atlantic Oceans.
The adjustment directly correlates with the water levels of Lake Gatun, essential for the canal’s operations.
From March 18, vessels will have two additional slots available via auction, with one more slot opening from March 25.
This increase will allow more ships to transit, enhancing their ability to book a passage.
This decision underscores the canal’s pivotal role in global maritime trade, highlighting Panama’s strategic position as a major logistic hub in the Americas.
The canal serves as a key maritime route and aspires to be a symbol of sustainable progress, adapting to the evolving needs of international trade with unwavering resolve.
The introduction of new transit slots reaffirms the Panama Canal Authority’s dedication to maintaining the canal’s status as a top-tier global trade route.
Background
Container shipping saw a record rise in costs, up $500 in late December. This spike occurred amid disruptions on crucial sea paths, notably the Panama Canal.
A significant drop in ships using the Panama Canal shows the extent of the disruption.
The problems in the Panama Canal are particularly critical for certain markets. About 22% of trade from Chile and Peru depends on this route.
Ecuador also feels the impact, with 26% of its trade passing through the canal.
This canal is a key trade route, moving $270 billion in goods annually, and is Panama’s top income source.
Maritime transport is essential, moving 80% of global goods. UNCTAD predicts a 5% fall in global trade due to geopolitical issues.
In short, this forecast underlines the uncertain and challenging outlook for global trade.