Caribbean & Central America - November 2024

PANAMA | Panama Canal posts revenue growth despite drought. On 25 October the Panama Canal Authority (ACP) reported total revenues of US$4.99bn for fiscal year (FY) 2024 (October 2023-September 2024), up 1% on FY 2023, despite a severe drought last year. According to an ACP statement, one of the most noticeable impacts of the drought on Canal operations was the decrease in the FY24 deep-draft transits, which totalled 9,944 (2,856 Neopanamax vessels and 7,088 Panamax), down 21% on FY23 due to the water-saving measures temporarily adopted last year. The ACP highlights as key financial strategies implemented to achieve projected revenue, despite reduced ship transits, “the Freshwater Surcharge (Cargo por Agua Dulce or CAD), improved water yield through structural and operational upgrades, system enhancements for reservations and auctions, and maritime service operations, which ensure safe and efficient transits”. The ACP notes that operating costs were down by 5% and tonnage totalled 423m PC/UMS (Panama Canal/Universal Measurement System) tonnes. This is down from 511.1m PC/UMS tonnes in FY 2023. For FY2025, the ACP is predicting 12,582 transits, tonnage of 520m PC/UMS tonnes, and revenues of US$5.62bn.

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