Panama Canal Postpones Third Round of Vessel Draft Restrictions.

The Panama Canal Authority (ACP) is postponing its latest planned draft restrictions for the canal’s Neopanamax locks, providing carriers with much-needed relief as delays continue to stack up at the waterway.  The ACP initially lowered maximum allowable drafts for Neopanamax vessels from 49.5 to 49 feet at the start of the summer, and then a second time to 48.5 feet as drought conditions pushed down water levels at the canal’s locks. A third reduction to 47.5 feet had been scheduled for October, but has now been delayed indefinitely, following a review of water levels at Gatun Lake, and updated weather projections for the fall.

“Keeping the current draft in place gives customers greater continuity for voyage planning and vessel deployment,” the canal authority said. “It also reflects the Panama Canal’s focus on responding to changing conditions in a way that supports its customers while preserving safe and efficient operations.”  Rainfall in the Panama Canal’s watershed between May and August was down 34% compared to historical averages, with Super El Niño conditions forcing the ACP to schedule cuts to daily transit capacity for the second time ever. This comes as recent auction bids for priority transit slots have fetched nearly 100 times the median price compared to the start of the year, as disruptions in the Middle East have fueled a surge in demand for shipping through the canal.