<p data-path-to-node="3" id="p-rc_44b2f88d3a995bf1-381"><span data-path-to-node="3,0"><b data-path-to-node="3,0" data-index-in-node="0">BALBOA / PANAMA CITY</b> — In an operational reprieve for transpacific container liner consortia and bulk commodity shippers, the Panama Canal Authority (<i data-path-to-node="3,0" data-index-in-node="150">Autoridad del Canal de Panamá</i> – ACP) has formally notified the international maritime community that it has suspended and postponed a scheduled downward adjustment to maximum authorized vessel transit drafts across the expanded Neopanamax locks</span><span data-path-to-node="3,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="3,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p><p data-path-to-node="4" id="p-rc_44b2f88d3a995bf1-382"><span data-path-to-node="4,0">The administrative decision comes after sustained watershed precipitation and optimized recycling protocols maintained reservoir storage baselines in Gatun Lake and Alajuela Lake above critical drought trigger points</span><span data-path-to-node="4,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,2">. While regional meteorological models had projected earlier dry transitions requiring an immediate step-down to 47.5 feet (14.48 meters), updated hydrographic bathymetry confirmed that water baselines have stabilized sufficiently to allow larger commercial tonnage to continue navigating with expanded draft clearances</span><span data-path-to-node="4,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p><h6 data-path-to-node="5"><b>Watershed Baselines and Operational Draft Parameters</b></h6><p data-path-to-node="6" id="p-rc_44b2f88d3a995bf1-383"><span data-path-to-node="6,0">Under the latest <i data-path-to-node="6,0" data-index-in-node="17">Advisory to Shipping</i> issued from the ACP’s headquarters in Balboa, commercial draft and transit directives have been adjusted to reflect current hydrological realities</span><span data-path-to-node="6,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="6,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p><ul data-path-to-node="7"><li><p data-path-to-node="7,0,0" id="p-rc_44b2f88d3a995bf1-384"><span data-path-to-node="7,0,0,0"><b data-path-to-node="7,0,0,0" data-index-in-node="0">Neopanamax Draft Thresholds Maintained:</b> The ACP has halted the planned reduction down to 47.5 feet (14.48 meters) Tropical Fresh Water (TFW), allowing deep-draft commercial vessels to continue operating under the current maximum draft tolerance of <b data-path-to-node="7,0,0,0" data-index-in-node="248">48.0 feet (14.63 meters) TFW</b></span><span data-path-to-node="7,0,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="7,0,0,2">. Technical clearance teams confirmed that this threshold will remain valid through at least the end of September 2026, subject to weekly hydrological reviews</span><span data-path-to-node="7,0,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="7,0,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="7,1,0" id="p-rc_44b2f88d3a995bf1-385"><span data-path-to-node="7,1,0,0"><b data-path-to-node="7,1,0,0" data-index-in-node="0">Preserving Daily Commercial Quotas:</b> Daily booking slots across the waterway will maintain a steady throughput cadence of <b data-path-to-node="7,1,0,0" data-index-in-node="121">34 vessels per day</b>—allocating 9 daily transit slots for Neopanamax chambers and 25 slots for standard Panamax locks—delaying more restrictive capacity cuts</span><span data-path-to-node="7,1,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="7,1,0,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="7,2,0" id="p-rc_44b2f88d3a995bf1-386"><span data-path-to-node="7,2,0,0"><b data-path-to-node="7,2,0,0" data-index-in-node="0">100% Water-Saving Basin Operations:</b> The canal continues to route all lockages through its auxiliary water-utilization basins, which recapture and recycle approximately 60% of the freshwater consumed during each individual vessel passage between the Atlantic and Pacific oceans</span><span data-path-to-node="7,2,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="7,2,0,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p></li></ul><h6 data-path-to-node="8"><b>Commercial Impact: Eliminating Container Shedding on US East Coast Loops</b></h6><p data-path-to-node="9" id="p-rc_44b2f88d3a995bf1-387"><span data-path-to-node="9,0">The postponement of draft cuts delivers immediate operational cost savings and payload predictability to global shipping lines running core trade strings connecting East Asia, the Indian Subcontinent, and the Middle East to the United States East Coast and Gulf Coast</span><span data-path-to-node="9,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="9,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p><ul data-path-to-node="10"><li><p data-path-to-node="10,0,0" id="p-rc_44b2f88d3a995bf1-388"><span data-path-to-node="10,0,0,0"><b data-path-to-node="10,0,0,0" data-index-in-node="0">Averting Cargo Rollovers and Weight Squeezes:</b> A draft reduction of half a foot (from 48.0 to 47.5 feet) typically forces modern 13,000 to 15,000 TEU Neopanamax container ships to shed roughly 300 to 500 TEUs of dense cargo per transit</span><span data-path-to-node="10,0,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="10,0,0,2">. Halting the adjustment allows liner operators to maximize container stowage factors and maintain high vessel utilization without leaving heavy export containers behind at origin ports</span><span data-path-to-node="10,0,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="10,0,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="10,1,0" id="p-rc_44b2f88d3a995bf1-389"><span data-path-to-node="10,1,0,0"><b data-path-to-node="10,1,0,0" data-index-in-node="0">Bypassing Intermodal Landbridge Surcharges:</b> The stabilized draft eliminates the immediate necessity for ocean carriers to discharge heavy export boxes at Pacific terminals—such as Balboa, Manzanillo (Mexico), or US West Coast ports—for expensive transcontinental rail drayage</span><span data-path-to-node="10,1,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="10,1,0,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="10,2,0" id="p-rc_44b2f88d3a995bf1-390"><span data-path-to-node="10,2,0,0"><b data-path-to-node="10,2,0,0" data-index-in-node="0">Stability for LPG and Bulk Corridors:</b> Very Large Gas Carriers (VLGCs) transporting liquefied petroleum gas (LPG) and Capesize/Kamsarmax bulk carriers loading agricultural grains out of the US Gulf avoid extended draft-related queuing penalties and demurrage exposure</span><span data-path-to-node="10,2,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="10,2,0,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p></li></ul><h6 data-path-to-node="11"><b>Long-Term Water Security Governance</b></h6><p data-path-to-node="12" id="p-rc_44b2f88d3a995bf1-391"><span data-path-to-node="12,0">Panama Canal Administrator <b data-path-to-node="12,0" data-index-in-node="27">Ricaurte Vásquez Morales</b> affirmed that while short-term watershed stabilization provides relief to global supply chains, long-term water management remains disciplined</span><span data-path-to-node="12,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="12,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p><blockquote data-path-to-node="13"><p data-path-to-node="13,0" id="p-rc_44b2f88d3a995bf1-392"><span data-path-to-node="13,0,0">"Our priority is to provide certainty and reliability to global commerce while protecting the freshwater resources of our watershed</span><span data-path-to-node="13,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,0,2">. Because water conservation measures and late-monsoon inflows have preserved Gatun Lake's operating capacity, we can safely defer draft restrictions</span><span data-path-to-node="13,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,0,4">. However, we will maintain rigorous, daily monitoring of hydrological trends to ensure sustainable canal operations well into 2027</span><span data-path-to-node="13,0,5"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,0,6">."</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2043504548=""><!----></sources-carousel-inline></p></blockquote><p data-path-to-node="14" id="p-rc_44b2f88d3a995bf1-393"><span data-path-to-node="14,0">Concurrently, the ACP is advancing preliminary technical and legal assessments for the multi-billion-dollar <b data-path-to-node="14,0" data-index-in-node="108">Río Indio reservoir project</b>, which aims to incorporate adjacent river basins into the canal’s water network to insulate international maritime trade routes from multi-year climate volatility</span><span data-path-to-node="14,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c931024985="" class="ng-star-inserted"><sup _ngcontent-ng-c931024985="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="14,2">.</span></p>