Recent rainfall near historical averages and water-saving measures have allowed the Panama Canal Authority to ease restrictions, raising Neopanamax transits to 10 daily and maximum draft to 49 feet effective mid-October 2026, for a total of 33 slots per day. Gatun Lake levels stabilized around 84.7 feet, reversing earlier summer cuts to 32 transits amid El Niño-driven drought forecasts. These dynamics have moderated slot auction premiums that previously exceeded $4 million and reduced diversions to longer routes, though the watershed remains in deficit and normal 38-slot capacity is unavailable. Traders are monitoring October-November precipitation and the 2027 dry season for potential renewed limits, alongside the $1.6 billion Río Indio reservoir project.
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