The Panama Canal will impose restrictions on the transit of ships for at least ten more months due to the impact of the drought on its operations. The measure seeks to open a margin to preserve water before the arrival of the rainy season, around October and November.
The canal authority, through which around 3% of world trade passes, began in July to impose restrictions reducing the number of ships that pass each day, which has caused a backlog of hundreds of vessels waiting their turn to pass and delays in trade routes.
The restrictions have forced shipowners to lighten loads, as canal authorities have reduced the maximum weight of ships allowed by reduced draft, or switch to alternative routes as they increase transportation costs in some routes. Those most affected by the jam are bulk cargo ships or gas carriers.
The decision has its positive and negative factors. The extension of the restrictions would give the canal leeway to conserve water before the next rainy season arrives, but could create a further bottleneck between ships if they don't book passage in advance.
"We are seeing an increase in arrivals. It is high season as December is approaching, so merchandise for Christmas moves quickly," the channel's deputy administrator, Ilya Espino, told Reuters.
Espino has pointed out that ships with bulk cargo or that transport coal have diverted from the waterway because they do not have priority to pass, as container ships do. According to the most recent data, this Thursday some 115 ships were waiting to pass through the canal.
The Panama Canal connects 180 maritime routes that reach 1,920 ports in 170 countries. According to the forecasts released at the beginning of August, the channel's managers expect a drop in revenue of about 200 million dollars -about 180 million euros- in the next fiscal year, from October 2023 to September 2024.
