Join our crew and become one of the 107,087 members that receive our newsletter.

A CMA CGM containerships transits the Panama Canal

Photo: Panama Canal Authority

Panama Canal Expects New Water Reservoir for Ship Crossings in 6 Years

Total Views: 0
July 9, 2024
reuters logo

PANAMA CITY, July 8 (Reuters) – The Panama Canal expects to complete a billion-dollar construction of a new water reservoir within six years that will help ensure the passage of 36 ships a day, the administrator of the global waterway said on Monday.

The Indio River reservoir project would become part of the network of existing artificial lakes that allow for safe passage through the canal and provide water for human consumption.

“We are looking at six years,” canal administrator Ricaurte Vasquez said.

Vasquez said the project “would provide a little more certainty to maintain 36 transits per day, a higher level of reliability for the route.”

Last month, the Panama Canal said after recent rains boosted water levels, it would increase the total number of available slots in both Neopanamax and Panamax locks to 35 slots after Aug. 5.

Increased rainfall in recent months has allowed the canal, the world’s second-largest, to replenish its watershed, leading to an increase in transits that had been severely restricted last year amid a drought.

Ricuarte estimated the project would cost around $1.2 billion, plus an additional $400 million in investments in neighboring communities.

(Reporting by Elida Moreno; Editing by Chris Reese)

(c) Copyright Thomson Reuters 2024.


Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up


Maritime and offshore news trusted by our 107,087 members delivered daily straight to your inbox.

Join Our Crew

Join the 107,087 members that receive our newsletter.