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2024 October 31   10:46

Panama Canal operating costs down 5% in FY2024

The Panama Canal's financial results show total revenue of PAB 4.99 billion (209 million PAB above budget and 18 million PAB more than FY2023), despite climate challenges in 2023 and 2024, according to Panama Canal Authority's release.

According to the results, operating costs on the interoceanic route decreased by 5%, while net income increased by PAB 300 million compared to the previous fiscal year.

According to the Panama Canal's vice president of finance, Victor Vial, the canal's revenue from the interoceanic route increased by 1%, with an estimated growth of PAB 1.8 billion over five years.

One of the most noticeable effects of the drought on canal operations was a decline in the number of heavy-draft transits in fiscal year 2024, which totaled 9,944, down 21% from fiscal year 2023, due to water-saving measures temporarily implemented last year.

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