A new booking system introduced for ships transiting the New Panama Canal could potentially disadvantage bulk carriers, which are already suffering because of drought restrictions now in place in Latin America.
Last July was significant in that the Panama Canal Authority permitted just 18 vessel transits daily due to lower than expected rainfall. This compares to a maximum of 36 under optimum operating conditions. As a result, some bulk carriers are now being forced to either sail via the Suez Canal or even around the Cape of Good Hope to access markets in China. This adds at least 13.5 days and sometimes as many as 17.5 days, compared to using the Panama Canal.
Bulk carriers suffer anyway, since the Canal gives preference to container ships, but in July, just 129 Panamax bulk vessels transited, which was down 35% compared to July 2022. The situation did improve in August, thanks to heavy rainfall boosting water levels in Lake Gatun just in time for the US grain harvest, which started in September.