ComexPerú: The daily transit in the Panama Canal that is expected for the coming months

He Panama Canal It provides a shortcut between the Atlantic and Pacific oceans for 6% of global maritime trade. At its maximum capacity, between 38 and 40 ships can pass through this route daily; However, in recent months, transit through this route was reduced to 32 ships per day, as a result of the lack of rain, warns ComexPerú.

An additional complication is related to the canal’s draft, which was set at no more than 13.5 meters, which made it difficult for large and capacity vessels to pass, such as the NeoPanamax, whose draft is 15.2 meters and carry up to 14,000 TEU.

The union recalled that this problem reached its critical point last August, although a slight improvement was observed last September.

The Panama Canal Authority (ACP) reported that last October was the driest month recorded in the last 73 years.

The drought, caused by the El Niño phenomenon, continues to affect the canal’s reserve system, significantly reducing water availability. According to the ACP, in 2023, rainfall has been 41% less than usual, bringing Gatun Lake to unprecedented levels for this time of year.

Given this scenario, at the end of October, the ACP was forced to gradually reduce the total number of transits over the next three months, in order to guarantee the operation of the canal and maintain the draft level in the new locks, which is essential for container ships. In this sense, from November 8 to 30, daily transit was limited to 24 vessels.

According to comexPerú, currently, this number remains at 22 and will remain so during the month of December; However, in January 2024, it will decrease to 20. Finally, starting February 1, 2024, a maximum transit of 18 ships per day will be allowed.

The repercussions of this measure have been reflected in the recent increase in congestion in the Panama Canal. On November 29, there was a queue of 120 ships waiting, of which 91 were waiting to cross through the Panamax locks and 29 through the NeoPanamax locks. Additionally, wait times on the southern (Atlantic to the Pacific) and northern (Pacific to the Atlantic) routes have more than tripled since the end of October, averaging 11.4 and 9 days as of November 29, respectively. .

Due to the decrease in transits per day, the ACP launched a program to auction the crossing of ships that are waiting (not less than 10 days). The first auction took place on Saturday, November 25, with a base price of US$55,000. It should be noted that, to date, shipping lines have disbursed a total of US$235 million so far this year to avoid accumulated congestion in the channel, according to information from the shipping agency Waypoint Port Services Ltd, which represents a 20% increase compared to rates paid throughout last year.

According to a report by the British consulting firm Drewry, traffic restrictions in the Panama Canal are beginning to affect the capacity of ships that handle exports of perishable products from the west coast of South America. As detailed, shipping lines with reserved spaces will have less cargo capacity and will have to maintain strict itineraries to manage spaces, which could lead to cargo being left in Chile, Peru and Ecuador, according to the situation.

The consultancy suggests cargo owners prepare for new surcharges on international transport rates, as has recently happened with the shipping companies Hapag Lloyd, CMA CGM and MSC, which announced surcharges of US$ 130/TEU, US$ 150/TEU and US$ 297/TEU, respectively, for cargo transiting their ships through the Panama Canal. He also recommends checking if your transportation provider has guaranteed spaces before committing.

In early November, Danish shipping company Maersk warned shippers to prepare for possible traffic problems on the sea route. However, she noted that advance planning and booking would be enough to mitigate eventual delays.