Panama Canal Breaks 2022 Cargo Record At 521 Million Tonnes Amid Hormuz Closure And Drought
The canal also faced water shortages caused by El Niño, which forced it to reduce the number of ships allowed through each day.
The Panama Canal handled a record 521 million tonnes of cargo in the year ending September 30, as ships sought alternative routes following the closure of the Strait of Hormuz during the Middle East war.
The canal also faced water shortages caused by El Niño, which forced it to reduce the number of ships allowed through each day.
The canal recorded 13,951 ship transits during the 2026 fiscal year, up from 13,404 in the previous year. Cargo volume increased by 6.5%, while revenue rose 16.6% to $6.6 billion, according to figures released by the Panama Canal Authority (ACP) on October 21.
Canal administrator Ilya Espino de Marotta told Agence France-Presse that ship traffic had increased after the closure of the Strait of Hormuz. Before the conflict, about 20% of the world’s oil and liquefied natural gas (LNG) passed through the strait.
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