Panama Canal delivers new historic contribution to the treasury

He Panama Canalaffected for months by a severe drought that has forced it to restrict the transit of shipsdelivered to the treasury a new historic contribution of US$ 2,544.5 million, corresponding to fiscal year 2023, the Government reported this Monday.

This amount exceeds the US$ 2,494.4 million last year and was then cataloged by the Panamanian Presidency as “the highest” given to the treasury in the history of the waterway, which under normal conditions moves 500 to 510 million tons of water each year. burden.

Since the expansion of the canal was inaugurated in 2016, through which ships with triple the load pass through the century-old locks, contributions to the treasury have grown every year.

The Panamanian Constitution establishes that the canal will transfer its economic surpluses to the National Treasury every year after covering the costs of operation, investment, operation and maintenance, among others, recalled an official statement.

Since its transfer on December 31, 1999 into Panamanian hands by the United States, which built the interoceanic highway and administered it for 86 years, the canal has delivered contributions to the treasury for US$25,761.4 million, the Presidency said this Monday. .

The canal, which connects the Atlantic and Pacific oceans and is the only freshwater canal in the world, is facing a severe drought as a result of the El Niño phenomenon that forced it to restrict the number of daily transits in the last stretch of fiscal year 2023, so His administration said that the measure would not impact the accounts for this period.

But the restrictions are expected to cost about US$200 million in revenue for fiscal year 2024, which began on October 1 and will end on September 30, according to official information.

The canal administration reported last Friday that starting next January 16 it will increase the number of daily transits along the road to 24, which in optimal conditions it manages 36.

This announcement means a relaxation of the measures, since a progressive reduction in the number of daily transits had been announced. “24 in November, 22 in December, 20 in January and 18 in February.”

Restrictions on daily transits caused ship jams, with up to 160 ships waiting, mainly without reservation, that is, without a scheduled crossing, for several weeks since last August.

Some shipping companies decided to use other routes due to the difficulties of crossing the canal, as reported by specialized media and admitted by the canal administration itself.

The Panama Canal is a relevant route for global trade that connects 189 maritime routes and 1,920 ports in the world, according to data from its administration.