CMA CGM in November 2023 informed its customers that the Panama Canal continues to be affected by severe drought, as a result of which the Panama Canal Authority recently announced additional restrictions on number of ships passing through the Channel
During the second quarter of 2023, despite several water conservation measures, the canal’s water level dropped from 14.94m to 13.41m.
This has forced the Panama Canal authority to continue reducing the number of ships passing through each day. Therefore, by January 1, 2024, Neopanamax shipping space will be reduced by 30%.
These restrictions combined with the increase in the Panama Canal Tariff implemented earlier this year are putting cost pressure on CMA CGM’s shipping operations. Therefore, it is 150 USD/TEU starting January 1, 2024.
Source: logistics.gov.vn