Panama Canal reports 9.5% increase in net income to $3.45bn despite drought-related traffic reduction.

The Panama Canal reported a 9.5% increase in net income, reaching $3.45 billion for the fiscal year ending in September, despite a drought that reduced vessel traffic. The authority implemented ship limits due to water shortages, causing delays. However, operational cost reductions helped offset financial losses. Canal chief Ricaurte Vazquez highlighted the significance of financial strategies and plans to offer incentives for certain vessels to encourage their return.

October 25, 2024
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