Average waiting times at the Panama Canal have fallen to their lowest level in over a year after the canal authority lifted draft restrictions following a wetter-than-usual rainy season.
Daily transit slots have been increased to 36, close to pre-drought levels, easing a bottleneck that had pushed some shippers toward longer routes around South America.
Container lines said the improvement is helping bring freight rates on Asia-to-U.S. East Coast routes down from the elevated levels seen earlier this year.
The canal authority cautioned that slot allocations could be revisited if reservoir levels drop heading into the region’s dry season later this year.
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