February 26, 2024

The Panama Canal, one of the world’s key shipping channels, is currently facing problems due to low water levels, leading to reduced traffic and higher shipping costs. The canal typically carries 5 percent of the world’s maritime trade and 40 percent of U.S. container traffic, but authorities are currently only allowing 24 ships to cross per day, down from 38. This reduction in traffic is expected to continue until rainy season in May to avoid further impact on clients. Authorities are also planning long-term solutions, including the construction of a new reservoir to ensure sustainability in the face of long-term climate change concerns and drought. The Panama Canal Authority acknowledges the impact of the canal’s dry years and has appointed a chief sustainability officer to work towards carbon neutrality and reduce the carbon footprint, aligning with global policies. The deputy administrator of the Panama Canal Authority, Ilya Espino de Marotta, expressed confidence in the canal’s ability to weather the current situation and implement sustainable practices for the future.

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