The Panama Canal Authority (ACP) warned that an expected volume drop could impact Panama's economy. Reuters reported that the canal revised its forecast by 10.3 million tonnes down to 500 million tonnes for the 2023 fiscal year. In 2021 and 2022, the number of tonnes passing through the canal reached 516 and 518 million, respectively.

According to Reuters, former president of Panama's maritime chamber, Nicolas Vukelja, expects volumes will decrease by around 4% in 2023 compared to the canal's best years. He said this is concerning for the canal's income and its contribution to the economy of Panama. 

According to Canal Administrator Ricaurte Vasquez, the slowdown is partly because of Russia's war with Ukraine, concerns about global recession, and reduced commercial activity in China. This is evidenced by vessels that typically carry fuel and gas from the US to Asia now being sent to Europe, bypassing the canal. According to the canal, this accounts for two fewer daily transits of LNG vessels. The Panama Canal has compensated for this loss in volume with higher prices, reported Reuters.

Additionally, the ACP implemented a "disruption charge" that would apply to vessels that negatively impact transit operations. The authority said in its advisory that this charge aims to ensure operational fluidity by reducing vessel incidents and encouraging vessels to fix deficiencies or report them promptly.

The 80km canal links the Atlantic with the Pacific oceans, making it valuable to global trade. Between 13,000 and 14,000 ships from all over the world transit through the canal each year.