Sudden Tightening! Panama Canal Keeps Limiting Traffic in September!

As September arrives, Panama has entered the usual rainy season, but the actual rainfall in the canal basin is far below expectations. Due to the severe El Niño drought, rainfall from May to August was 34% lower than the historical average, and reservoir inflow dropped by 44%. The Panamanian government has declared a national climate emergency, and the canal has started a new round of strict controls.

1. The latest full set of control measures from ACP (effective in real-time from September)

1. Daily transit slots cut in two phases

· Phase 1 starts from September 3: total of 34 vessels per day

 New Panama locks (for large container ships) have a fixed 9 slots per day; traditional Panama locks have 25 slots per day

· Phase 2 starts from September 15: total of 32 vessels per day

 Slots for traditional Panama locks reduced from 25 to 23, overall effective capacity decreases by about 11%

Compared to normal times, the canal can handle nearly 40 vessels per day at full capacity. Current capacity is obviously reduced, cutting hundreds of transit slots each month.

2. The draft keeps being lowered, forcing big ships to reduce load to pass through the locks.

· September 2: Maximum draft for the new Panamax locks lowered to 48 feet (14.63 meters)

· October 1: Further lowered to 47.5 feet (14.48 meters). The old locks keep Panamax ships' draft at 39.5 feet (12.04 meters) unchanged.

3. Major Updates to Booking and Auction Rules

1) Booking System Adjustments: The system now allows the same shipping company to lock multiple transit slots in one day and make consecutive day reservations. Each week, 63 booking slots are reserved for new Panamax ships, with fixed quotas for LNG/LPG energy vessels. Competition for container ship bookings is getting even tougher.

2) Auction Group Reform: Starting September 3, the daily priority transit auction will be divided into four groups: energy ships, bulk carriers, container / ro-ro ships, and chemical tankers. Different cargo types will bid separately to prevent energy cargo from crowding out container ships, but the fight for high-priced slots among container ships remains intense.

Market Reality: Recently, auction prices have repeatedly hit record highs. On September 1, an LPG ship fetched a whopping $5.3 million in priority transit fees, setting a new historical record for the canal, and container ship auction prices are easily reaching several million dollars.

2. Real Impact on Sailing Schedules

The peak number of ships waiting at anchor at both ends of the canal reached 131. Northbound ships on the Pacific side had queues of up to 28 days, while southbound ones waited 7-10 days.

·✅ Ships with a formal slot booking: additional delay of 7-14 days

·⚠️ Ships without a booking: delays of 15-25 days are possible

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