International maritime community highlights key role of the Canal for sustainable maritime trade

The Panama Canal was highlighted as an essential part of world trade during the New York Maritime Forum (NYMF).

Canal Administrator Ricaurte Vásquez Morales highlighted the improvements achieved in fiscal year 2024 (FY 2024), which have optimized the reliability and sustainability of this maritime route.

In his speech, Vasquez shared official data at the close of FY 2024, where he highlighted some of the operational achievements of the Panama Canal during a year of special attention due to weather conditions generated by the lack of rainfall. Among these achievements, compared to FY 2023 figures stand out:

• 49.1 % less in waiting times, which is equivalent to about 15 hours less compared to FY2023.
• 8.1 % less in transit times (-0.89 hours).
• 36.4 % less water or sluice time (-15.98 hours).
• 10.5% less water usage per transit for neopanamax vessels (-0.0394 hm³).

During FY 2024, 9,944 transits and 423 million PC/UMS tons (Panama Canal Universal Measurement System) were recorded through the Panama Canal. Of the total transits, 7,084 were Panamax vessels and the remaining 2,852 were neopanamax vessels.

Vessels in the container, chemical and bulk carrier segments led Panama Canal transits during FY 2024.

"These figures reflect the Canal's commitment to sustainability, offering more efficient service to its customers and strengthening its competitiveness in global trade," said the Canal Administrator.

During the event, which brought together industry leaders and experts, critical issues such as technological innovation and maritime finance were discussed. The administrator emphasized that these improvements not only benefit the Canal, but also strengthen its role in a constantly evolving commercial environment.

The NYMF, organized by Capital Link and supported by Nasdaq and the New York Stock Exchange (NYSE), is a space for the exchange of ideas on the future of maritime trade, highlighting the importance of collaboration in the search for sustainable solutions. It aims to address challenges and opportunities in maritime trade, sustainability, innovation and reliability of supply chains.