More Traffic Slowdowns At The Panama Canal
Panama Canal Drought 110323
Low water levels continue to plague the Panama Canal after what’s reported as its driest October on record.
Daily ship transits through the Panama Canal will be cut in half this winter. Via the Wall Street Journal, Daily reservations slots will be cut to 25 this month, 22 next month, 20 in January and 18 in February. Last month the canal had 32 daily transits. On a normal day, the canal can handle 40 transits.
A prolonged period of elevated temperatures and limited rainfall had led to a significant drop in the water level of Gatun Lake, which supplies water to the canal's locks.
Around 70% of vessels using the Panama Canal require a draft of 44 feet, which is the current limit, down from 50 feet at the beginning this year. If the draft is lowered further, most ships won’t be able to transit with full loads.
The Panama Canal handles approximately 7% of all global seaborne trade. Canal authorities say about 98 vessels are waiting to cross at both sides of the canal. It’s noted containerships that have fixed schedules and booked slots months in advance aren’t facing serious delays, but crude and gas tankers calling on short notice can be trapped for weeks.
