Panama Canal Returning to Normal As Suez Struggles

June 21, 2024

Panama Canal Returning to Normal As Suez Struggles

 

After more than a year of restrictions caused by severe drought, the Panama Canal will be returning to near normal operations by the middle of July, while the same cannot be said about the Suez Canal.

The Panama Canal Authority (PCA) have confirmed that from 22nd July the maximum number of daily vessel transits will rise to 34, which is the lower end of the average 34-38 daily transits in normal conditions.

At the lowest point of the el-nino induced drought, a maximum of just 20 vessels were allowed to pass per day, as major congestion and delays impacted the Central American waterway.

The canal is the only passing point for container ships between the Atlantic and Pacific oceans and is therefore seen as critical to global trade.

Also critical to global trade is the Suez Canal. The Egyptian state-owned waterway has been financially impacted since the majority of carriers were forced to route containerships away from the Red Sea area due to Houthi attacks.

Suez Canal volumes fell last month to 44.9 million tonnes, a 68.5% drop on the 142.9 million tonnes in May 2023. In turn, revenues fell to $337.8 million in May, which is 64.3% less than the $648 million recorded in the same month last year.

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