The Panama Canal Authority has announced that it has increased the number of daily transits from 24 to 31, mainly benefiting Classic Panamax-sized containerships. As of June 1, an additional transit will be allowed for Neopanamax vessels, bringing the total to 32. On June 15, the draft limitation of the ships transiting the canal will increase to 13.7 meters, significantly improving sailing conditions.
These improvements have motivated shipping lines such as Yang Ming and Maersk, which sought alternative routes in recent months, to resume using the Panama Canal for their services. This decision showcases the renewed confidence in the efficiency of the interoceanic route.
Schedule reliability has been challenging for the Panama Canal, with a notable decline during the pandemic. The recent measures adopted by the Canal Authority seek to improve this situation, but the impact of the drought and previous operating restrictions still affect maritime transport rates.
Spot fares have shown significant variations due to operational disruptions, with differences exceeding $2,000/FEU between certain routes in January 2024. Even though the situation has started to improve, ocean freight intelligence platform Xeneta warns that the impact of the drought that hit the Panama Canal could be felt for years.
The water level of Gatun Lake has improved and the number of transits has increased, so there's hope that the Panama Canal can return to normal operation. However, it will be a gradual process and will largely depend on future weather conditions.
Source: mundomaritimo.cl