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PANAMA CANAL ANTICIPATES FALLING REVENUES AS A RESULT OF PERSISTENT DRAUGHT RESTRICTIONS
DETAIL INFORMATION
In order to maintain the important waterway's operations in the face of an ongoing water deficit, the Panama Canal Authority is expecting a considerable reduction in revenue for the coming year. This was one of the messages delivered by Ricaurte Vasquez, the canal's administrator, during a presentation on Thursday honouring the Panama Canal's significance and outlining the difficulties that lie ahead for the canal's management.
The canal administration had hoped that July, which traditionally marks the start of the rainy season, would help with water recovery throughout the watershed that includes the artificial Gatun Lake fed by the Chagres River. They had earlier warned that forecasts had suggested the entrance of the El Nio phenomenon might worsen the already record low water levels and that they would be closely monitoring the development of weather events affecting water availability.