Panama Canal’s Revenue To Shrink By $200 Million Next Year Due To Reduced Crossings

The managers associated with the Panama Canal stated that they expected income to fall after the authorities were compelled to restrict the number of vessels passing via each to 32 owing to inadequate rainfall.

Ricaurte Vásquez, the Panama Canal’s administrator, mentioned on Thursday that the income in 2024 might fall by nearly $200 million due to the drought. The crucial canal reportedly implemented a measure on Sunday capping the number of vessels passing via its locks daily to the maximum of 32, compared to 36–38 under normal operations. More rain must be received to feed the watershed system of brooks and rivers that fill the lakes, whose water, in turn, fills up the locks.

The watershed supplies freshwater to Panama City, home to nearly half the nation’s population of about four million. The canal was expected to earn approximately $4.9 billion in fees next year before the measures were declared.

Reference: Reuter, Star Advertiser, The San Diego Union Tribune

Panama Canal’s Revenue To Shrink By $200 Million Next Year Due To Reduced Crossings appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News