CMA CGM delays Panama Canal surcharge
CMA CGM delays a $150 per teu Panama Canal surcharge for South American west coast cargo. New restrictions from September will sharply cut vessel capacity.
CMA CGM has postponed a planned $150 per teu Low Water Surcharge on cargo moving from South America’s west coast via the Panama Canal. The French carrier told customers the charge, initially set for 1 September, will now take effect on 1 October.
Industry consultant Lars Jensen suggested the change might stem from a miscommunication. "Strictly speaking, the 1 September date was announced just three days ago, making this seem more like an initial miscommunication of the implementation date," he said.
The postponement coincides with a tightening of operational restrictions at the Panama Canal. Braemar analyst Jonathan Roach warned the new measures will squeeze container vessel capacity. "This time the issue is not simply fewer transit slots. It is fewer slots and less cargo per ship," he said.
New Canal Restrictions
From 2 September, the maximum permitted draught for neopanamax vessels will be reduced. The number of daily transits is also scheduled to fall. These restrictions are subject to change.
| Restriction | Effective Date | New Limit |
|---|---|---|
| Neopanamax Draught | 2 September | 14.63 metres |
| Neopanamax Draught | 1 October | 14.48 metres |
| Daily Transits | 3 September | 34 |
| Daily Transits | 15 September | 32 |
Braemar's July data indicates the draught changes will have a substantial impact. The firm recorded 189 neopanamax transits that month. Of those, 85 transits involved ships drawing 15 metres or more. This means about 45% of neopanamax transits could be affected, representing roughly 55% of the nominal teu capacity moving through the neopanamax locks.
Capacity and Operational Impacts
Jonathan Roach of Braemar explained the likely carrier response. "The immediate response is likely to be less cargo, rather than fewer ships," he said. Vessels may stay on their existing routes but must sail with less cargo to meet the new draught limits.
A further reduction in daily transits could block some ships from using the canal entirely. Queues and delays would compound the effective loss of capacity.
If conditions worsen, carriers might consider major diversions. Roach noted that Asia-US east coast services could be rerouted around the Cape of Good Hope. Such a move would add approximately 30% to transit times and tie up vessel capacity for longer periods.
"The Panama Canal does not need to close to disrupt container shipping; it only needs to become a little less deep and a little less available," Roach warned.
The analyst also highlighted a broader fleet impact. Cargo displaced from the Panama Canal route would need to be absorbed elsewhere in the global shipping network, extending the capacity squeeze beyond the waterway itself.
The surcharge applies to cargo destined for a wide range of regions from North Europe to the US Gulf.
