Panama Canal Cuts Daily Ship Slots to 32 as El Niño Drought Drains Lakes

3 articles · Updated · The Guardian · Aug 21

From Sept. 3, the Panama Canal will trim daily transits to 34 from 36, then cut them again to 32 on Sept. 15 as low lake levels worsen.
Rainfall in the canal area from May through August is running 34% below the historical average, and the canal authority said weaker-than-forecast rains could force further restrictions.
Waiting times will rise for ships without reservations, which account for 1 in 10 canal crossings; auction prices for those slots have already surged, reaching $4 million in April.
The waterway carries about 5% of global maritime trade and roughly 40% of U.S. container traffic, making it a critical route for retailers and energy shippers.
The move echoes 2023, when drought slashed daily transits to 22 from 38 and created long queues, while the same lakes also supply water to half of Panama's 4.2 million people.