The Panama Canal authority indicated that recent rains in the area have raised water levels, allowing heavier ships with larger cargo loads to transit the canal's Neopanamax locks. A notice was issued by the authority to customers that the maximum ship depth for the key global waterway will be set at 47 ft. (14.33 m) effective immediately. Also, with effect from 11 July, it will deepen to 48 ft. (14.63 m).Related NewsM Stanley Believes OOIL (00316.HK) Shr Price Has ~70-80% Chance of Falling in Next 30 DaysFrom 5 August, the authority will also open up another transit slot for Neopanamax ships for booking dates, bringing the total number of available slots in both Neopanamax and Panamax locks to 35 slots.The Panama Canal had previously been subject to drought restrictions on vessel traffic and some vessels had to be re-routed.