Panama Canal traffic to increase as drought conditions ease
Based on the present and projected level of Gatun Lake, the Panama Canal Authority (ACP) launched an additional booking slot in the Neopanamax Locks during Booking Period 2 for booking dates beginning Aug. 5, 2024.
The additional slot will be offered at the opening of the Second Period Competition beginning on Jul. 22, 2024, increasing the total number of booking slots in both the Neopanamax and Panamax Locks to 35.
Additionally, recent precipitation in the Canal watershed has enabled the ACP to further increase the maximum allowable draft in the Neopanamax Locks. Therefore, effective immediately, the maximum authorized draft for vessels transiting the Neopanamax Locks will be 14.33 m (47 ft) and, effective July 11, 2024, the maximum authorized draft will be 14.63 m (48 ft).
The Panama Canal reduced traffic due to a historic drought at Gatún Lake last year. Water levels at the lake, which supplies the water used to operate the canal’s locks, reached their lowest point since 1965.
The APC anticipates higher rainfall during the rainy season, lasting from May to December, due to a predicted La Niña this summer. This could lead to normal operations this summer or fall.
In November 2023, the APC reduced vessel traffic to 24 crossings/day, down from the usual 34-36. The reduction in booking slots last year disrupted global trade routes, forcing some ships to take longer eastern routes through the Suez Canal or around the Cape of Good Hope. These, combined with disruptions in Red Sea shipping routes, resulted in higher global shipping rates as fewer vessels were available to transport products.
