Despite a severe drought that decreased the number of vessels passing through the waterway, the Panama Canal’s profit grew by almost 9.5% to $3.45 billion in the fiscal year that ended in September.
The canal’s authorities were forced to curtail the number of ships permitted to pass daily between late 2023 and early 2024, while also reducing their maximum draft, due to the third driest year in its history, which decreased the amount of water available for operations.
After rainfall restored the nation’s water reservoirs later this year, the restrictions—which prompted some vessels to pass with lengthy delays and others to look for alternate routes—were lifted.
