The Panama Canal netted $3.453 billion

Source：Hyqfocus Release Time：2024-10-29 Number of views：

Despite the third-worst drought on record and a significant reduction in shipping traffic, the Panama Canal is still strong in its ability to attract cash.

According to the latest annual report released by the Panama Canal Authority, the total revenue of the Panama Canal in the fiscal year 2024 (from October 1, 2023 to September 30, 2024) reached $4.986 billion, an increase of $18 million compared with the fiscal year 2023. Operating costs decreased by 5%, and net income was $3,453 million, an increase of approximately $300 million over the previous fiscal year. The cargo traffic was 423 million tons, and 9,944 deep-draft vessels passed through, down 21 percent year-on-year.

Under the influence of El Nino, the Panama Canal has been facing the challenge of drought and water shortage since last year. To cope with the water shortage, the canal Authority will have to cut the number of vessels allowed daily and limit the maximum draft depth for ships between late 2023 and early 2024. The restriction caused long delays in the passage of some vessels, forcing others to seek alternative routes.

Ricardo Vazquez, director general of the Panama Canal Authority, and other officials said at the press conference that the Canal Authority has taken a series of measures to optimize operations and services to ensure the safe and efficient passage of ships through the canal and achieve sustainable development.

The Panama Canal earns $3.45 billion a year

As the rains returned, the Panama Canal Authority gradually lifted the restrictions. The canal is now back to 36 ships per day, but it often fails to reach full capacity. To that end, the Canal Authority began offering incentives for some ships to return, including bulk carriers and liquefied natural gas (LNG) tankers. The Panamanian government also plans to invest $8.5 billion in infrastructure projects over the next seven years to enhance the canal's overall competitiveness.

The Panama Canal Authority expects the canal to generate $5.624 billion in revenue in fiscal year 2025, with 520 million tons of cargo passing through and more than 12,000 deep-draft vessels.

Australia's two major ports will go on strike for seven days The four major routes in Europe and the United States stopped falling, and the European line rose 193%!

Return