The Panama Canal is a vital shipping route between the Pacific and Atlantic Oceans. (Source: Getty Images)

According to the announcement of the Panama Canal Authority (PCA) on October 26, the revenue of this route in the fiscal year 2024 (from October 1, 2023 to September 30, 2024) will reach 4.986 billion USD. Revenue is obtained from canal circulation fees, electricity and maritime services.

Meanwhile, the canal's operating costs are up 5% from fiscal 2023. Statistics show that this year, the inter-oceanic waterway's profits are up 1% and are expected to increase by a total of $1.8 billion over a five-year period.

The PCA reported that in the most recent fiscal year, the number of ships passing through this route was 9,944, transporting a total of 423 million tons of cargo.

The agency forecasts that in fiscal year 2025, the number of deep-draft vessels passing through the canal will increase significantly, with 12,582 ships and 520 million tons of cargo transported, bringing in about 5.624 billion USD in revenue.

The above results show that the Panama Canal remains a reliable shipping route, operating steadily despite difficulties caused by the impact of the Covid-19 pandemic and periods of extreme weather.

Due to the impact of El Nino, deep-draft vessel traffic through this route has decreased by 21% in fiscal 2024 and PCA has also had to deploy various measures to ensure smooth operations.