On November 21, CMA CGM issued a notice to its clients, informing them that the Panama Canal continues to face severe drought conditions. Consequently, the Panama Canal Authority has recently announced further restriction measures.
Despite implementing various water conservation measures in the second quarter of 2023, the draft of the canal has decreased from 14.94 meters to 13.41 meters. The lack of rainfall during the summer has compelled the Panama Canal Authority to reduce the number of vessels transiting the canal each day. As a result, the booking window will be reduced by 30% by January 1, 2024. These restrictions, combined with the earlier implementation of canal tariff increases this year, have significantly impacted the operations of CMA CGM.
Therefore, it is important to note that starting from January 1, 2024, CMA CGM will implement a Panama Canal surcharge of $150 per TEU.
