Historic low water levels, Panama Canal to limit shipping until end of next year

Water levels in the Panama Canal have not recovered sufficiently despite the end of the rainy season, and daily shipping limits and ship draft limits will remain in place for the rest of this year and through 2024, according to the waterway's management agency.

Restrictions imposed earlier this year to conserve water in the Panama Canal amid a prolonged drought have led to a backlog of ships waiting to pass through the vital waterway, which handles about 5% of world trade, Reuters reported. This is also one of the reasons why shipping costs are more expensive ahead of the approaching Christmas season.

Ships passing through the Panama Canal

Ship congestion in the canal that connects the Pacific and Atlantic oceans has eased by about 20% since last week, but waiting times to transit the canal in August have doubled from July for some types of vessels. Meanwhile, many shipowners have sought alternative routes to avoid costly delays in deliveries.

The Panama Canal Authority said in a statement that ship traffic this week was “normal” for the season. A month before the end of fiscal year 2023, the total number of ships passing through the canal was nearly 800 more than the agency had forecast, the statement said.

The increase – which has contributed to more than 13,000 vessel transits through the canal so far this fiscal year – reflects strong demand from shipowners.

But the lack of rain continues to have a negative impact on Gatun Lake, which supplies water to the Panama Canal, causing its water level to drop to 24.2 meters. The lake's September level in recent years has been 26.6 meters.

Each ship passing through the 80-kilometer (50-mile) transoceanic waterway uses about 193 million liters (46 million gallons) of water from Gatun Lake. According to the canal authority, the lake typically reaches around 27 meters (82 feet) at the end of the rainy season in November and then drops to just under 26 meters after the dry season ends in April.

Experts have warned of disruptions to maritime trade ahead of an even drier period next year. They say an early start to Panama’s dry season and higher-than-average temperatures could increase evaporation and cause the lake to drop to a near-record low by April 2024.

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