A historic turning point is taking place in the management of the Panama Canal. Panamanian President José Raúl Mulino announced that the canal's board of directors has appointed a woman as president for the first time. Marine engineer Ilya Espino de Marotta will officially assume her duties on October 1.

Currently serving as the vice president of canal management, Espino de Marotta takes over during a critical period when global maritime trade is under pressure. Increasing ship traffic, the looming risk of El Niño, and political pressures from the United States are among the main agenda items of this new era.

40 Years of Experience

Espino de Marotta, a graduate of Texas A&M University, holds a master's degree in Economic Engineering from Santa María La Antigua University. She has also received executive training at INCAE Business School and Kellogg School of Management.

Officials stated that Espino de Marotta was selected after a comprehensive evaluation process conducted at both national and international levels. The experienced manager, who has served in the canal for over 35 years, has managed many strategic projects, including expansion initiatives.

Traffic Approaching Record Levels

According to data from the global maritime organization BIMCO, tensions in the Middle East and risks over the Strait of Hormuz have increased ship traffic directed towards the Panama Canal.

With rising energy prices, the United States' exports of oil and LNG have increased, while the Asian market is reportedly trying to fill this gap with American energy shipments.

According to BIMCO data:

Daily transits through the Panama Canal increased by 8% compared to last year.

The average daily ship transit reached 38.

Traffic growth over the past five weeks has risen to 16%.

Waiting times have increased by 50% year-on-year, reaching an average of 47 hours.

Filipe Gouveia, the Director of Shipping Analysis, noted that the canal's daily maximum capacity is between 36 and 40 transits, indicating that the system is operating at nearly full capacity.

Surge in Slot Prices

Due to congestion, auction prices for transit without reservations are also reaching record levels. According to maritime brokerage firms, a full $4 million was paid for a transit slot at the beginning of May.

Prices, which were around $150,000 before the war, have now risen to approximately $400,000.

The most heavily used categories of ships are:

Container ships

Oil tankers

Bulk carriers

Maintenance Crisis Ahead in June

It has been announced that capacity will be temporarily reduced due to maintenance work starting on June 9 in the eastern lane of the Gatun Lock.

During the maintenance period, which will last until June 17:

The daily reservation quota will be reduced to 16 ships.

Transits will be conducted through a single lane.

Reservation capacity will be 10 ships below normal.

Officials warned that waiting times could further increase during this process.

El Niño Concerns Persist

Another significant risk for the Panama Canal is the approaching El Niño weather phenomenon.

Due to drought experienced during the 2023-2024 period, canal management had to reduce daily transits to as low as 22 ships, and maximum draft levels were decreased.

However, officials state that they are better prepared this time. It is particularly noted that water levels in Gatun Lake are being maintained at high levels and that the reservoirs are in strong condition.

Currently, no new restrictions are anticipated within 2026, but the situation is being closely monitored.

U.S. Pressure and New Port Plans

In the long term, one of the biggest political challenges Espino de Marotta will face is relations with the United States.

It is recalled that the Donald Trump administration previously demanded free passage for U.S. government vessels, and Washington's criticisms regarding China's influence continue.

The Panamanian government also plans to develop new port terminals at both ends of the canal. This process is being closely watched due to the ongoing legal battle with Hong Kong-based CK Hutchison Holdings.

Natural gas pipeline projects

New logistics corridors

Water management investments

Projects to increase reservoir capacity

are also among the long-term strategic plans for the Panama Canal.

Source: SeaNews Türkiye