The Panama Canal is lifting restrictions that caused a global shipping bottleneck as water levels normalize after a severe drought.
The Panama Canal Authority increased the draft in the waterway to a maximum 50 feet and will allow 36 vessels a day to transit after recent rains lifted water levels at an artificial lake that forms part of the canal system, administrator Ricaurte Vasquez told reporters Monday. The agency expects rains to continue through November, further lifting water levels, he said.
The canal handles about 3% of global maritime trade volumes under normal circumstances, and 46% of containers moving from Northeast Asia to the U.S. East Coast. The channel is Panama’s biggest source of revenue, bringing in nearly $5 billion last year.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.