- Panama Canal transit fees have decreased by 15% compared to last year due to increased cargo movement capacity.
- Improved water conditions have allowed the canal to lift previous restrictions, enabling up to 36 vessels to transit daily.
- The canal remains vital to global trade, with an emphasis on balancing industry demands and environmental sustainability.
Transit fees for vessels passing through the Panama Canal have decreased by 15% this year compared to 2023, as the waterway has regained capacity for cargo movement. According to Marine News Magazine, Ricaurte Vasquez, head of the Panama Canal Authority, confirmed the fee reduction during a video conference on Wednesday.
Impact of Drought and Recovery Efforts
A severe drought between late 2023 and early 2024 significantly affected operations at the world’s second busiest waterway, leading to passage restrictions, long waiting times, and increased transit costs. However, the restrictions were lifted in the third quarter of last year, allowing daily transits to rise to 36 vessels.
According to the canal’s latest monthly bulletin, the average number of transiting vessels increased from 32.6 in January to 34.8 in February, signaling a recovery in operations.
Panama Canal’s Role in Global Trade
Speaking at the International Liquefied Petroleum Gas (LPG) conference, “Facing the Challenges of LPG Trade Flows,” Vasquez emphasized the canal’s ongoing importance in global trade. He stated that the authority remains committed to balancing industry demands while ensuring sustainable environmental management.
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Source: Marine News Magazine
