Happy Wednesday!
Well, you know we love an update and
a follow-up! We speak about the Panama
Canal pretty often in the last few months, nonetheless we heard some more good
news! Please check out our blog for
other interesting information and future plans for this important waterway.
Did anyone
happen to read gCaptain Daily Newsletter on July 31, 2024, they
republished an article from Reuter’s titled, “Panama Canal Looks to Boost
Transits in September as Rains Come Early”?
The article speaks in regard to the Panama Canal Authority’s announcement;
they are anticipating the rains will keep coming, and they will be increasing
to 36 daily passages a day in early September. This good news comes, after they recently announced
they will increase the number of passages to 35 on August 5. In 2023, the lack of rain caused this
important waterway to reduce the number of passages through its locks which
caused the shipping industry to back up as they waited their turn. The Panama Canal Authority believes
with them resuming to normal number of passages their income will increase by
approximately 18% or $5.6 billion for the 2024-2025 fiscal year which starts in
October. The canal possibly resuming normal
operations in the near future is good news to the shipping industry!
On another
note, the article spoke about the possible projects to be developed in Columbia
and Mexico to connect the Pacific and Atlantic oceans to help with the
increased shipping traffic. Mexico’s
administration has spoken of developing a freight rail line in the southern part
of the country connecting the oceans. While
Columbia has previously spoken about developing a passageway through the country
connecting the oceans. Panama Canal Authority believes these
two projects would help them keep the shipping industry moving.
The article spoke
about the Panama Canal Authority looking for more water assets. They briefly spoke about the new reservoir they
are planning to construct. The new reservoir’s
timeline is six years, and it is costing more than $1 billion, nonetheless it
will help this waterway by giving it a buffer against future droughts. (See our Blog on July 15, 2024, for details.) If you would like to read more of gCaptain’s
article, please click the link: Panama Canal Looks to Boost Transits in September as Rains Come Early (gcaptain.com).
If you would
like more information about these changes to schedule, please click here for
the Panama Canal Authority’s website: Home - Autoridad del Canal de Panamá (pancanal.com).
If you would
like help in looking into how to update your liquids terminal, contact us via the
email in the blog and check out our ESC website for contact
information!
We hope you have a wonderful evening, and a great rest of
your week!
**Disclaimer: You may be charged a fee to read the gCaptain’s
article. **