15 Dec Disruptions and Further Measures Continue At Panama Canal
Ongoing drought conditions at the Panama Canal continue to significantly hamper operational throughput on various fronts.
This year saw 41% less rain than usual, resulting in unprecedented low levels across Gatun Lake, and with less than two months remaining until the completion of rainy season, this presents significant challenges as Panama now faces an upcoming dry season with a minimum water reserve that must guarantee supply for more than 50% of the population and, at the same time, maintain the operations of the interoceanic waterway.
In order to manage this situation, the Panama Canal Authority (ACP) has introduced reservation slots that aim to preserve fresh water resources and ensure the safety of transit operations. These slots are as follows:
- December: 20 reservation slots
- January: 20 reservation slots
- February: 18 reservation slots
The Panama Canal continues to present challenges for global supply chains, with no relief in sight as speculation mounts that the slowdown will be extended for another ten months and additional restrictions will be introduced, pending getting to the next rainy season in hopes that the water levels in the Gatun Lake go back up.
In response to the restrictions and their operational impact, shipping lines have announced that they will apply a Panama Adjustment Factor, starting 1st January 2024.
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