In 2023 the Panama Canal’s revenues increased by 14.9% to $4.97 billion despite handling less cargo due to draught and transits restrictions caused by drought.
The Deputy Administrator for the Panama Canal Authority (ACP), Ilya Espino de Marotta, says the waterway does not expect changes to current vessel transit restrictions until at least April.
As the Panama Canal Authority (ACP) explores options through technology and new water sources to combat drought conditions in the future ultimately Administrator Ricaurte Vásquez Morales says the waterway is “climate dependent”.
The Panama Canal is one of the world’s most strategic waterways connecting Asia with the East Coast of the Americas but the impact of climate change has seen a cut in the number of daily transits allowed and draught restrictions.
Canada-based Seaspan and energy company AES Corp have signed a Memorandum of Understanding (MoU) to collaborate on the development of the LNG Bunkering business.
