Panama Canal sets cargo record thanks to Ormuz

The Panama Canal has set a new annual record for cargo traffic, handling 521 million tons in the last fiscal year, despite drought challenges. This increase is attributed to disruptions in the Strait of Hormuz, prompting more ships to seek alternative routes. The daily transits rose from 36 to 41 during peak demand, although they later decreased due to water shortages caused by El Niño. The previous record was 518 million tons in the fiscal year 2022.