Canal makes a new historic contribution of 2,544.59 million dollars

The Panama Canal, which was affected by a severe drought for months due to which it had to limit the transit of ships, gave the treasury a new historic contribution, i.e. 2,544.59 million dollars, which corresponds to the fiscal year 2023, the Government reported.

This amount exceeds last year’s 2,494.4 million dollars, and the Panamanian presidency then marked it as the “highest” given to the treasury in the history of the waterway, which moves under normal conditions 500 to 510 million tons of cargo.

Since the opening of the canal extension in 2016, through which ships with triple cargo pass through the century-old locks, contributions to the treasury have grown every year.

Panama’s constitution stipulates that the canal will transfer its economic surplus to the national treasury every year after covering the costs of operation, investment, operation and maintenance, among others, the official statement recalled.

Since its transfer on December 31, 1999, to Panamanian hands by the United States, which built and operated the interoceanic waterway for 86 years, the canal has delivered contributions to the Treasury for 25,761.4 million dollars, they said from the Presidency.

The canal, which connects the Atlantic and Pacific oceans and is the only freshwater canal in the world, is facing a severe drought as a result of the El Niño phenomenon that forced it to limit the number of daily transits in the latter part of fiscal year 2023, so his administration said the measure it will not affect the accounts for this period.

But the restrictions are expected to cost about $200 million in revenue for the 2024 fiscal year, which began Oct. 1 and will end Sept. 30, according to official information.

The management of the channel reported last Friday that from On January 16, the number of daily transits increases to 24 along the road which in optimal conditions passes 36.

This announcement means a relaxation of the measures, as a progressive reduction in the number of daily transits “to 24 in November, 22 in December, 20 in January and 18 in February” was announced.

Restrictions on daily transits have caused delays in ships, so since August last year, up to 160 ships have been waiting for several weeks, mostly without reservations, i.e. without scheduled passage.

Certain shipping companies have decided to use other routes due to the difficulty of crossing the canal, as the specialized media write, and the canal administration itself admits.

The Panama Canal is a relevant route for global trade, connecting 189 maritime routes and 1,920 ports in the world, according to its administration.