Panama Canal transits drop due to lock maintenance, loss of Hormuz upside
- Hormuz crisis caused surge of tanker transits through both locks; neopanamax tanker transits normalised in May and panamax tanker transits fell 22% m/m in June
- Total neopanamax transits fell by 8% m/m, with panamax transits down 18% m/m; decline at panamax locks was driven by planned maintenance from June 9-17
- Gatun Lake water levels are now the lowest since August 2024; ACP has announced a series of draught reductions through August
The Panama Canal had an exceptionally strong first half, courtesy of trade diversions amid the Hormuz crisis. That mini-boom is largely over. Now, the focus turns to the future, and the threat of another drought
