The Panama Canal implemented the third of five draft adjustments, lowering it to 48.5 feet (14.78 meters), as a preventative measure against the drought caused by the El Niño phenomenon.

The country had already implemented the first adjustment on July 3 (49.5 feet) and the second on July 24 (49 feet). The next two adjustments on the schedule are planned for August 26 (48 feet) and September 3 (47.5 feet). The maximum draft permitted by the waterway is 50 feet (15.24 meters).

Implementation of the measure

“Reducing the draft means that ships must cross with less cargo, which may require logistical adjustments for customers and impact the Canal’s revenue, which is based on tonnage.”

The Canal administration indicated that between 3 % and 5 % of world trade transits the waterway, clarifying that the schedule adjustments “will not affect the number of daily crossings, which remains at an average of 36 to 37 ships.”

Authorities stated that the current decisions are part of the projections for the summer of 2027, when they estimate the draft will reach 44 feet, considering the current traffic level and rainfall forecasts.

M.Pino

Source: finanzasdigital

(Reference image source: Rikin Katyal on Unsplash)

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Last Wednesday, April 9, US Secretary of Defense Pete Hegseth indicated that the government is seeking to negotiate with Panama to allow its warships to pass through the canal without paying tolls.

During his visit to Panama, the Pentagon chief stated that the United States is seeking an agreement with the Panama Canal Authority, the autonomous entity that operates the waterway, to allow US warships to navigate free of charge.

“It was important to us that, in times of emergency, our troops be able to pass first and free of charge. We thank our Panamanian partners for working with us on this,” the official said at a press conference.

Previously, the Panamanian government had indicated that it would work with the United States on an agreement to “compensate for the payment of tolls and fees for US warships.”

M.Pino

Source: swissinfo

(Reference image source: Alex Pagliuca on Unsplash)

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The Panama Canal plans to collect revenues of 4,215.4 million dollars in fiscal year 2022 and make a contribution of 2,497.2 million dollars to the public coffers of the Central American country, the largest in its history.

This is reflected in the Canal budget approved this week by the plenary session of the National Assembly in the third debate.

The budget anticipates that, for the first time, the Panama Canal will handle 536.6 million tons CP/SUAB (Panama Canal Universal Vessel Tonnage System) in the next fiscal year, which represents an increase of 3.9 % compared to what is projected at the close of the 2021 fiscal year, which ended this September 30.

Based on this tonnage, the Canal estimates that between October 1st, 2021 and September 30, 2022, toll revenues will total $ 3,108 million, in addition to other revenues from maritime services.

On the other hand, the budget includes necessary resources amounting to 1,408.8 million dollars for the operations of the Panama Canal and the maintenance of its equipment and infrastructure.

The president of the board of directors and minister for Canal Affairs, Aristides Royo Sánchez, and administrator Ricaurte Vásquez Morales, detailed that it is expected to deliver 2,497.2 million dollars in direct contributions to the National Treasury, the largest contribution to the country in the history of the Canal.

It also includes other payments to the Panamanian State in the amount of 238.4 million. The projected figures for fiscal year 2022 are based on the pricing strategy implemented by the Canal, the additional capacity offered by its new locks, which generate 54 % of the toll revenue, and the expectation of a robust demand for the service of transit.

K. Tovar

Source: Notiamerica

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