Recent weather forecasts indicate significant rainfall for Panama, potentially alleviating the prolonged drought conditions that have impacted the Panama Canal, a critical conduit for international trade. The Panama Canal Authority (ACP) has been compelled to reduce the number of daily transits and draft levels since May of the previous year due to the drought, exacerbated by the El Niño phenomenon. This situation led a considerable portion of the global merchant fleet to bypass the canal, facing extended queues and elevated toll fees.
However, the ACP's recent decision to increase daily transits at the panamax locks by 3, raising the total to 27, signals a potential easing of restrictions, although this number remains below the canal's typical maximum capacity. Maersk, a leading shipping company, announced the resumption of its OC1 service through the Panama Canal, citing the ACP's addition of transit slots and improved water levels as key factors in their decision.
This move is indicative of a gradual return to normalcy, with the canal's role in facilitating 2.5% of global trade gradually resuming. The number of vessels awaiting transit has decreased significantly, from over 160 at its peak to 46, as the rainy season approaches, promising to restore water levels in Gatun Lake, a crucial segment of the canal.
Source: splash247.com
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