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The Panama Canal Authority reported a 29% drop in transits for fiscal year 2024 to 9,944, versus 12,638 the prior year, due to severe drought. Cargo fell to 423 million PC/UMS tonnes from 511.1 million, and container, chemical and bulk carriers led remaining transits.
Restrictions tightened through late 2023 and eased from January 2024.
Reduced canal capacity in 2023-24 forced longer routes and raised freight costs for U.S. Gulf grain exports to Asia. The episode shows how drought-linked restrictions can sharply lift freight and widen export basis.
seatrade-maritime.comMichele LabrutFeb 28, 2025Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
