The Panama Canal Authority (PCA) reported a five percent inter-annual increase in operating costs during the same period, according to a press release.

The total revenues recorded exceeded the budget by $209 million and by $18 million in fiscal year 2023, said the PCA Administrator Ricaurte Vázquez.

The statistics show that this year the profits of the inter-oceanic waterway have grown by 1.0 percent and a total increase of 1.8 billion dollars is expected over a period of five years.

This shows the reliability of the route and its resilience during the difficult periods of the Covid-19 and especially in the face of weather hardship.

The El Niño phenomenon alone resulted in a 21 percent reduction in deep-draft transits and various measures to ensure sustainability in operations.

During the most recent fiscal year, the PCA recorded the transit of 9,944 vessels, of which 2,856 are neopanamax and 7,088 panamax, which transported 423 million tons.

For fiscal year 2025, a significant increase in deep-draft transits is expected, with 12,582 vessels and 520 million tons transported, which could be translated into US$5.624 billion in revenues, he added.

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