Panama Canal transits drop in May despite counterintuitive boxship rise
- Containership transits via the neopanamax locks did not fall as expected due to tariffs, but VLGC transits suffered 28% month-on-month decline
- Panama Canal transits have rebounded from the drought crisis, but January-May average transits per day are still down mid-single digits vs pre-drought levels
- The big negative for the panamax locks this year has been dry bulk. US-Asia dry bulk flows continue to favour Cape of Good Hope route over Panama Canal
May was not a great month for the Panama Canal, but it’s too early to call a downward trend. The pullback is likely due to a mix of seasonality, month-on-month volatility and some fallout from the trade war
