Panama Canal to cut ship traffic due to drought
The Panama Canal has announced its intention to reduce vessel transits to fewer than 30 per day due to the worsening drought associated with the El Niño phenomenon, which led to a decrease in traffic from 36 to 32 ships in September. The plan is to further cut this to around 29.5 ships daily starting in October. This measure aims to conserve water resources and ensure the safe and efficient operation of the canal, especially as forecasts suggest that the El Niño event could be the strongest in four decades. In 2023, the drought caused transits to drop to 22 ships per day. The Panama Canal is vital to about 5% of global trade, and this reduction in traffic comes as the importance of the canal increases due to the disruption of the Strait of Hormuz resulting from conflicts between the United States and Iran.
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