The Panama Canal Authority has decided to postpone planned draught restrictions and reduce the number of daily transits through the original locks. These measures, aimed at conserving water in the canal, have the potential to significantly impact global trade, particularly the United States, one of the main customers of the canal.
The reduction in draught is mainly affecting loaded container ships, which is a concern for economists due to the volume of container traffic that passes through the Panama Canal each year. The United States accounts for 73% of the total traffic, highlighting the importance of maintaining efficient flow in the canal. Additionally, ships unloading containers to send them by rail have been observed due to the draught restrictions. On the other hand, LNG carriers are not affected by these measures.
The canal authority has postponed the draught restrictions due to rainfall forecasts and will continue monitoring the water level of Lake Gatun to announce future draught adjustments promptly. However, drought conditions are expected to persist despite a short-term relief forecast.
In addition to the draught restrictions, the Panama Canal Authority has decided to discreetly reduce the number of daily transits through the original locks to save water. It is estimated that moving a single vessel through a set of locks requires over 50 million gallons of water. Unlike the newer locks, the original Panamax locks do not recapture the water used during the operation.
The delay in the Panama Canal and the draught restrictions, along with the reduction in the number of transits, present significant challenges for international maritime trade. Attention is focused on the United States’ impact, the main user of the canal, and the need to maintain an efficient flow of goods. The Panama Canal Authority continues to evaluate conditions and will adjust draughts based on weather forecasts. It is essential to closely monitor this situation and take measures to mitigate any negative impact on global trade.
