The Panama Canal reported several operational improvements for the fiscal year 2024 despite a significant drop in transits due to a severe drought.

Panama Canal administrator Ricaurte Vásquez Morales told the recent New York Maritime Forum (NYMF) that some of these achievements, compared to fiscal year 2023, include a 1% reduction in wait times, which translates to an average of "about 15 hours less" compared to the same period in 2023, and a 1% reduction in transit times (-0.89 hours) from when the vessel arrives at the first lock until it exits the last one.

The Panama Canal —one of the world's busiest waterways — also saw a 4% reduction in time spent in its waters (-15.98 hours) and a 5% reduction in water usage per transit for Neopanamax vessels (-0.0394 hm³).

During FY 2024, the Panama Canal registered 9,944 transits and 423 million tons CP/SUAB (Universal Canal Ship Tonnage System).

Reports indicate that vessel transits decreased 29% for the Fiscal Year ending September 30, 2024, compared to the 12,638 transits during the same period in 2023. This decline was attributed to a prolonged dry season and severe drought, which restricted navigation.

The report said of the total transits, 7,084 were Panamax vessels and the remaining 2,852 were Neopanamax vessels.

The severe drought led the Panama Canal Authority to impose restrictions on draft and transit numbers for much of 2023.

In the first quarter of FY 2024, the number of daily transits dropped to just 22 from the usual 36.

Nonetheless, restrictions began to ease starting on January 16, 2024, and conditions gradually returned to normal over the following months.

The recent report from the Panama Canal Authority Container ships, chemical tankers, and bulk carriers led the transits through the Panama Canal.