The Panama Canal achieved a 1% increase in its revenue during fiscal year 2024, reaching a figure of $4.986 billion, which represented a positive increase of $18 million compared to the previous period. Although they faced a severe drought that affected the interoceanic route, they were able to maintain a favorable balance.
Ricaurte Vásquez, administrator of the Panama Canal, mentioned that they anticipate facing similar conditions in the future, although with the lessons learned from this event. Despite the adverse conditions, the $4.986 billion obtained was approximately $209 million above what was initially estimated.
The seasonal drought of 2023, which was prolonged beyond normal due to the El Niño phenomenon, forced a reduction in the number of daily transits in the Panama Canal, reaching a minimum of 22 ships per day in November. Although the worst-case scenario forecast of 18 transits per day was not reached last February, the longest queue of waiting ships in history was recorded, with 163 vessels.
To counteract the impact of the drought, measures were implemented such as surcharges for fresh water and a new reservation and auction system for ship transits. This fiscal year saw a reduction of 9.20% in the number of ships that crossed the Canal, totaling 11,240, and a reduction of 13.10% in tons crossed, reaching 423.1 million tons.
On the other hand, a $1.8 billion increase is expected over a five-year period, reflecting the reliability and resilience of the Canal in the face of adverse climatic events. Additionally, for fiscal year 2025, a total of 12,582 deep-draft transits, about 520 million tons transported, and operating revenues of $5.624 billion are projected.
The return to normal conditions was achieved thanks to the rains that raised the levels of Gatun and Alhajuela lakes, which supply the Panama Canal and much of the Panamanian population. Despite the difficulties of 2024, canal authorities highlight a positive scenario for revenues, evidencing the ability to recover and adapt of the interoceanic route.
