The Panama Canal will be able to operate at higher capacity again from September. Thanks to persistent rainfall, passages will increase from 34 to 36 per day.
This means that the canal is approaching its maximum capacity again after the passages were restricted by a period of drought.
100 ships anchored off the Panama Canal
Under ideal conditions, 40 ships can pass through the Panama Canal per day. Last year, one of the driest since records began, the “Autoridad del Canal de Panamá” (ACP) had to restrict the number of passages due to the low water levels. At times, ships waited up to 21 days to pass through; up to 100 were anchored in front of the canal at any one time.
In addition, the maximum draught for ships had to be reduced by 2 m in order to be able to pass through the larger Neopanamax locks. From 5 August the number of passages should initially rise again to 35.
ACP expects significant growth
In view of this, the ACP expects to close the 2024/25 financial year with US$5.6bn, which corresponds to an increase of 18% compared to the previous year. State contributions will increase by 13%.
In order to prepare for future droughts, the ACP has set itself a deadline of six years to complete a new reservoir along the Indio River. The cost of the project amounts to US$1.6bn. The lake is intended to ensure the water supply of the Panama Canal to guarantee at least 36 crossings per day.
The canal, which was opened 100 years ago and expanded in 2016 with larger Neopanamax locks, is one of the most important waterways in the world. It connects the Atlantic with the Pacific by the shortest route. Around 14,000 ships pass through the locks every year.
