Panama to see low cargo volumes in 2023 due to geopolitical pressures

Posted on March 14, 2023   |  

The Panama Canal Authority predicted a decline in cargo volume for the 2023 fiscal year due to geopolitical tensions and changes in shipping routes.

The institution expects only 500 million tonnes of goods to pass via the waterway, which is 10.3 million tonnes less than the previous forecast.

The decline in volume is due to the war in Ukraine, concerns about a global recession, and low commercial activity in China.

The canal is losing two daily transits of liquefied natural gas vessels, which are being partially compensated by charging higher prices.