Panama Canal Update

Panama Canal Update

Due to ongoing drought and low water levels, authorities have announced that the Panama Canal has further reduced the maximum number of ships travelling the waterway to 31 per day, (down from a daily limit of 35 during normal conditions), as well decreasing the allowable maximum vessel draft from 50 feet to 44 feet.

Currently there is a backlog of ships waiting to pass through this canal, with an average wait time of 8-10 days for both southbound and northbound ships. Many vessels have had to lighten cargoes before passing, and freight costs have risen ahead of the Christmas shopping season.

Restrictions are anticipated to last into 2024 with further reductions in both daily passages and maximum vessel drafts possible if the drought continues.

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