In November 2024, Dr. Ricaurte Vásquez, Administrator of the Panama Canal Authority (ACP), participated in key maritime industry events in Houston to highlight the Canal’s sustainability progress, strategic initiatives and financial achievements. The full report is at Annex A). Addressing climate and operational challenges, he outlined plans to diversify operations, including constructing an oil pipeline to reduce reliance on maritime transport.

Despite a decline in transits, the 2024 financial results demonstrated significant growth, with revenues reaching $4.99 billion, net income rising to $3.45 billion and operating margins at 62.2%.

Sustainability remains a cornerstone of the Canal’s strategy, with $8.5 billion allocated for green projects and a commitment to achieving net-zero emissions by 2050. At the Houston International Maritime Conference, Dr. Vásquez emphasised the Canal’s importance to Texas, which accounts for 23% of its cargo and highlighted efforts to combat climate change through emissions reductions, water management and renewable energy projects.

Additionally, he discussed the Canal’s decarbonisation initiative, encouraging clients to adopt low-carbon technologies and energy efficiency measures, with the Low-Carbon Transit Slot program now set to launch in April 2025.

Members are kindly encouraged to contact Meme Lamlum,Secretary, Canals Sub-Committee at – meme.lamlum@ics-shipping.org with any comments or queries on the issue.    

CAN(24)08 -Annex A – ADV45-2024 Monthly Canal Operations Summary November 2024