The Panama Canal could impose further transit restrictions if rainfall fails to replenish the Gatun and Alajuela reservoirs, Ilya Espino de Marotta, the waterway's new administrator, said. The canal handles 5% of global maritime trade and has reduced its daily ship limit from 36 to 34, with a further cut to 32 beginning September 15. Espino said the limit could fall to 29 or a similar level in February or March if drought conditions persist. The Panama government declared a nationwide El Niño emergency on August 26. Authorities have also cut the maximum vessel draft from 15.2 metres to 14.6 metres, potentially reducing cargo capacity. A new reservoir on the Rio Indio river is intended to provide water for canal operations and more than half of Panama's population for 50 years, but construction is expected to take five to six years.