HOUSTON: The Panama Canal Authority has announced plans to potentially double the volume of containers transiting the commercial waterway that connects the Pacific and Atlantic Oceans in the coming years, as stated by the canal's administrator during the maritime conference. 

The authority, which has outlined an investment strategy amounting to $8 billion, is implementing a water conservation initiative in response to a significant drought that compelled vessels to seek alternative routes between the United States and Asia from late 2023 to early 2024. 

As part of this initiative, the authority is advocating for shippers to consolidate their cargoes to minimize water usage for vessel passage, particularly for container ships, according to Ricaurte Vasquez, the canal's administrator, at the Houston International Maritime Conference. 

Additionally, the canal is planning to utilize its west bank lands to enhance Panama's cargo transfer capacity, enabling shippers to offload containers, transport them via rail, truck, or vessel, and subsequently reload them onto ships. This expansion is projected to facilitate the movement of at least an additional five million containers annually by 2045, increasing the current throughput of 8.3 million containers, Vasquez noted. Container shipping remains the canal's most significant business segment.