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The Panama Canal's water levels have not recovered enough as the end of the rainy season approaches and limits on daily transit and vessel draft will stay in place for the rest of the year and throughout 2024, the waterway's authority said on Tuesday. The restrictions, implemented earlier this year to conserve water amid prolonged drought, triggered a backlog of ships waiting to pass the key global waterway, which handles an estimated 5% of world trade, contributing to more expensive freight costs ahead of the approaching Christmas season.

The Panama Canal will extend restrictions on ships' maximum depth, it said on Tuesday, and it has limited average crossings at one of the world's busiest trade passages to just 32 ships a day as a prolonged drought continues. The Panama Canal Authority (ACP) will maintain a depth limit of 44 feet, or 13.41 meters, for neo-Panamax container ships. In June, the authority put off further restrictions that would have brought depth limits up half a foot, meaning ships would have needed to lighten their loads to float higher.

PANAMA CITY (Reuters) - The Panama Canal will postpone depth restrictions that were set to affect the largest ships crossing the key waterway, the canal authority said, after much-needed rain provided relief to the strained maritime passage.

PANAMA CITY (Reuters) – The Panama Canal will postpone depth restrictions that were set to affect the largest ships crossing the key waterway, the canal authority said, after much-needed rain provided relief to the strained...

PANAMA CITY (Reuters) - The Panama Canal will postpone depth restrictions that were set to affect the largest ships crossing the key waterway, the canal authority said, after much-needed rain provided relief to the strained maritime passage.