The transit of ships through the Panama Canal dropped 21% in fiscal year 2024 (Sep 23 – Sep 24), according to data published last week by the Panama Canal Authority. The drop from 12,638 to 9,936 transits* was the result of the past severe drought that led the Panama Canal to implement transit restrictions in the beginning of the fiscal year. These restrictions were the heaviest at the end of 2023 (22 transits compared to 36 normally) and conditions gradually returned to normal in the months after, as they are today.
The drop in cargo was 17%, from 510,627,266 PC/UMS to 422,642,400 PC/UMS.
Container traffic least impacted
Container traffic was the least impacted with a decrease of only -0.5% in transits and a small increase of 1.3% in cargo tonnage (in PC/UMS, Panama Canal/Universal Measurement System). Vehicle carriers were the next least impacted (-12.6% transits and -4.1% in PC/UMS). LNG and Dry Bulk transits saw the largest declines with -183% and 107% in transits respectively (-184% and -127% in cargo tonnage in PC/UMS).
Of the total transits, 7,084 were Panamax-sized vessels and 2,852 were Neopanamax vessels. Both categories dropped by 21% compared to the previous fiscal year.
Increase in net income for the Panama Canal
Despite the drop in overall traffic, the Canal Authority saw an increase in its net income for fiscal year 2024, reaching US$3.5 billion, compared to US$3.2 billion in the previous year. Operational costs decreased with 5%. The main causes for the higher income were the higher toll fees and surcharges and new pricing structure, prioritizing larger ships, which paid more for water usage.
View Full Transit Statistics by the Panama Canal Authority
*large commercial vessels