Panama Canal's $1.2 Billion Reservoir Project to Boost Daily Ship Transits

The Panama Canal plans to construct a $1.2 billion water reservoir within six years to ensure the daily passage of 36 ships. The Indio River reservoir will become part of the existing lake network, improving reliability and water supply for human consumption.

The Panama Canal is set to invest $1.2 billion in constructing a new water reservoir, aiming to complete the project within six years, according to administrator Ricaurte Vasquez. The Indio River reservoir will boost the canal's capacity by ensuring the safe passage of 36 ships daily.

Ricaurte Vasquez emphasized that the project would offer greater reliability for the global waterway, enhancing its ability to serve international shipping needs. The canal's network of artificial lakes will be expanded, providing a more stable water supply for both maritime and human consumption.

In response to recent rainfall, the Panama Canal announced that it would increase the number of available slots in its Neopanamax and Panamax locks to 35 as of August 5. The waterway experienced a significant boost in water levels, allowing for more transits after a drought severely restricted them last year.

(With inputs from agencies.)