Recent rainfall near historical averages and water-conservation measures at the locks have allowed the Panama Canal Authority to ease restrictions effective October 15, 2026, raising Neopanamax daily transits to 10 and maximum draft by one foot while holding total capacity at 33 vessels per day. Persistent El Niño conditions and a 34 percent rainfall deficit earlier in the hydrological year had previously cut daily slots to 32 and imposed draft limits, elevating congestion, wait times, and South American route diversions for LNG carriers, containerships, and bulk vessels. These dynamics raise shipping costs and freight rates while underscoring the market-implied odds for further capacity constraints heading into the 2027 dry season. Traders should monitor Gatún Lake levels and October–November precipitation for signals on additional slot or draft adjustments.