Panama Canal to increase transit slots as operations normalize after drought

The Panama Canal expects to increase the number of daily transit slots for vessels to 36 from the current 34 beginning in September, the canal's deputy administrator said on July 29 2024, as rains allow authorities to ease drought-imposed restrictions. Panama experienced its third-driest year on record in 2023, lowering the canal's water level and forcing its authority to limit the number of vessels using the waterway that connects the Atlantic and Pacific Oceans. The Canal Authority expects this outlook to boost total revenues by 18% year-on-year to $5.6 billion during the 2024-2025 fiscal year, which begins in October, with state contributions growing 13%.

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