Due to the restrictions imposed by the drought, the Panama Canal is adjusting its reservation system. These changes occur in the context of the growing importance of this maritime route for the transport of energy products, driven by the crisis in the Middle East.
The Panama Canal, which accounts for between 3% and 5% of global trade and is the only freshwater navigable waterway, operates with a reservation system for transit and an auction system for vessels without a pre-scheduled passage.
The Canal administration advises customers to plan their crossings through the Reservation System while the water deficit persists in the watershed, as only a confirmed reservation guarantees a specific passage date.
On the day in question, 118 vessels were waiting for passage: 107 with reservations and 11 without. Of this total, 30 were 'neopanamax' type vessels, which utilize the Canal's expansion and are responsible for more than half of the revenue from the Atlantic-Pacific link.
The modifications specifically apply to the reservation system intended for these 'neopanamax' vessels. The easing of these reservations will take effect before the programmed reduction in the number of daily passages, which will drop from an average of 36 to 34 starting September 3rd, and then to 32 starting September 15th. These cuts are part of the water conservation measures adopted in response to the severe drought caused by the El Niño phenomenon.
Among the implemented measures is the gradual reduction of vessel draft. Some shipping companies anticipate an increase in the queue of vessels, as they will have to carry less cargo due to the reduced draft. Additionally, the Canal warned that vessels without reservations may face delays, depending on available capacity and demand.
The uncertainty generated by the geopolitical scenario in the Middle East has led to an increase in traffic peaks in the region since the second quarter of this year. This increase has driven up the value of auctions to over one million dollars (equivalent to 863,000 euros) per slot, contrasting with the average observed between October and February of previous years, which was $55,000 (47,500 euros).