El Niño-driven drought conditions have prompted the Panama Canal Authority to maintain daily transits at 32 through mid-September 2026, down from 36 in August, with a fiscal-year budget projecting an average of 29.5 amid below-average rainfall and inflows 44% lower than normal. Gatun Lake levels stabilized near 84 feet in early October after September precipitation lifted averages above August, enabling the authority to increase Neopanamax slots to 10 daily from October 15 and raise maximum draft to 14.94 meters while postponing a planned reduction to 47.5 feet. These measures, which conserve water for lock operations handling roughly 5% of global maritime trade, have eased immediate backlogs from over 100 vessels but leave capacity well below unrestricted norms. Stronger El Niño forecasts through year-end and the 2026-27 dry season remain the key swing factor for further cuts or recovery.