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Panama Canal Shipping Conditions Improve: OPIS

FREIGHT

Daily shipping slots via the Panama Canal are slowly improving as water levels rise in the connected Gatun reservoir, shipping sources told OPIS.

  • Water levels at Gatun are around 80.80 feet Tuesday and are expected to exceed 81 feet by July.
  • The expectations of higher water levels have helped boost daily transit numbers via oil Panamax locks to 31 from 27 as of mid-May.
  • The combined increase at two locks could boost transit slots to pre-drought levels of around 40 for the first time since 2023.
  • The drought has caused a curtailment in flows of US LNG to Asia via the Canal; the Cape of Good Hope remains the passage of choice for US LNG producers sending cargoes to the Far East, Platts said.
  • The Panama Canal Authority is now engaging with LNG producers regarding way to increase demand for crossings, given the recovering water levels.
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