The Panama Canal Authority's Ricaurte Vaquez said in a Wednesday video conference that the fees for vessels passing through the canal this year were 15% lower than last year, as the waterway has more capacity.

A severe drought that will occur between 2023 and 2024 has forced the second-busiest waterway in the world to implement passage restrictions. This led to long waits and increased transit fees. The restrictions were removed in the third quarter of last year. This allowed up to 36 vessels per day to pass.

The canal reported this week that an average of 34,8 vessels passed through its waterway in February. This is an increase over the 32.6 vessels in January. Reporting by Marianna Pararaga, Editing by Leslie Adler

(source: Reuters)