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Ricaurte Vasquez Morales announces new transit rules and capacity reductions for the Panama Canal due to low water levels

Ricaurte Vasquez Morales, the Panama Canal administrator, reported that the canal is implementing new measures to manage a water deficit caused by the El Niño weather phenomenon. Due to lower than expected rainfall, the Panama Canal Authority will reduce the number of vessels permitted to pass through the waterway daily.

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Starting this week, the daily capacity for Panamax vessels will drop from 40 to 34, falling further to 23 on September 15. To manage high demand, the authority is relaxing booking system rules to provide shipping companies more flexibility. Customers can now obtain multiple reservations for the same date and secure slots on consecutive dates. The authority is also introducing a new allocation system that favors vessels that use water more efficiently, such as full containerships. These restrictions come as shipping demand remains high, with auction prices for transit slots jumping three-fold. Some vessels arriving without reservations may face indefinite delays as the authority continues to monitor water conditions.

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