Norton Lilly said the Panama Canal Authority (PCA) will suspend the daily auction for the third transit slot for Panamax locks from July 25 until further notice due to current and projected Gatun Lake water levels. Daily booking capacity has been cut from 36 to 34 transits. PCA said the move reflects current hydrological conditions and the potential development of El Nifio; a prior El Nifio episode drained the canal's freshwater supply and forced daily transit limits.