Panama Canal says trade rebound is underway after record drought
This article is a summary of reporting by CNBC. Originally published November 12, 2024.
The Panama Canal Authority disclosed a 29% overall drop in vessel transits during fiscal year 2024 due to unprecedented drought conditions that restricted lock operations. The reductions most heavily affected liquefied natural gas (LNG) tankers and dry bulk carriers. Despite the disruptions, canal officials signaled that a cargo trade rebound began taking shape as water conditions normalized.
AI Summary
Panama Canal authorities reported early signs of trade recovery following substantial transit declines across 2024.
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