The timely rainy season of Panama Canal is coming! Don't have any illusions, so the freight rate has skyrocketed!


1. The Panama Canal Authority said that after the urgently needed rainfall alleviated the sea passage, which was very tight due to drought, the Panama Canal would postpone the implementation of further restrictions on the draft of ships.


2. A series of measures were originally planned to take effect on June 25th and July 9th, requiring ships to float at higher depths, which means they can only carry fewer goods, thereby affecting one of the busiest commercial transit points in the world, the maritime trade channel connecting the Atlantic and Pacific.


3. When many Personal media in China copied and informed Panama Canal that the drought further aggravated the pressure on the water supply of the canal, leading to the implementation of multiple draft restrictions on the canal. In fact, Panama has already entered the rainy season and is alleviating months of drought.


4. According to the data of the country's meteorological department, it is expected that 70mm to 80mm of rainfall will flow into the Panama Canal basin in the next 72 hours. The Canal Authority said in the latest consulting report to the customer that the new Panamax ships can continue to sail under the previous limit of 13.41 m draft, and Panamax ships can sail at 12.04 m draft.


5. Of course, the Panamanian government is still in the process of mitigation, and has not specified when these further draft restrictions will be postponed. However, it has stated that it will continue to monitor the water level and "promptly announce future draft adjustments". The Canal Authority had previously announced that it would implement tightening measures again on July 19th, but did not mention this in its latest customer consultation.


6. The United States is the largest user of Panama Canal, and the total volume of American import and export containers accounts for about 73% of the transportation volume of Panama Canal. Every year, 40% of the container transportation in the United States passes through Panama Canal, and the annual total volume of cargo transportation reaches 270 billion dollars.


7. Previously, severe drought caused water depth and weight restrictions on ships passing through the canal, and some shipping companies have imposed additional container surcharges on shippers.


8. In fiscal year 2022 (from October 1, 2021 to September 30, 2022), Panama Canal contributed US $2.49 billion to national finance, a record high. In terms of ship cargo tonnage, among all routes through Panama Canal in fiscal year 2022, the three most prosperous routes are "the route from the east coast of the United States to Asia", "the route from the east coast of the United States to the west coast of South America" and "the route from the west coast of South America to Europe".