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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