Container ship transits fall but contributions to State remain

The Panama Canal faces several economic and environmental challenges impacting operations and reducing container ship transits slightly by 1.3% but contributions to the State will be maintained.

Between October 2022 and August 2023, that is, so far in fiscal year 2023 (which ends next September 30), vessel traffic decreased 3.16%, totaling 11,663, in contrast to the 12,004 registered in the fiscal year 2022.

Between October 2022 and August 2023, 71.48% of the vessels passed through the Panamax locks, that is, the original Canal, which accumulated 8,337 transits in that period and sailed through the expanded Canal. the largest vessel, the so-called neopanamax, which totaled 3,326 transits, which represents 28.52% of the total.

In the same period of fiscal year 2022 (October 2021 to August 2022), transits in the Panamax locks represented 72.33%, with 8,682 transits, and in the neo-Panamax locks, 27.67%, with 3,322 transits.

In the case of chemical tankers, the traffic reported until August 2023 was 2,016, in contrast to 2,155 in 2022, that is, 6.4% less.

In the bulk vessel segment, the traffic reported in the 11 months of this fiscal year 2023 was 2,476 vessels (2,150 panamax and 326 neopanamax). These figures represent a decrease in traffic of 7.8%, compared to 2022 (2,688 transits).

Gas carriers registered a total of 1,609 accumulated transits until August, being one of the fastest growing segments: 16.5% compared to the 1,384 that transited between October 2021 and August 2022.

The Panama Canal had calculated that a total of 12,527 vessels would pass through this fiscal year 2023. However, adverse conditions due to the lack of rain have forced the draft to be reduced to 44 feet or 13.41 meters, the maximum draft in the Neopanamax locks. The number of daily transits has had to be reduced from an average of 38 to 36, to reach 32 daily, to which are added other economic factors of global trade that have diverted cargo and consolidated it. For all these reasons, it is feasible to foresee that the goal in number of boats will not be reached.

However, the administrator of the Canal, Ricaurte Vásquez, has reiterated that from a budgetary point of view, the goals and contributions to the State will be met this fiscal year 2023.