Shipping

Panama Canal Near Capacity as Hormuz Crisis Drives Surge in U.S. Energy Exports

Traffic through the Panama Canal is climbing sharply as disruption in the Strait of Hormuz drives more U.S. energy exports toward Asia and Pacific markets. Ship transits have increased 8% year-on-year to a daily average of 38, with vessel movements rising 16% over the past five weeks. The canal is operating close to its maximum capacity of 36 to 40 transits daily, with average waiting times jumping 50% year-on-year to 47 hours. However, NOAA forecasts El Niño emergence between May and July 2026 with 82% probability, potentially threatening water levels in Gatun Lake.