Panama Canal Closes Fiscal Year 2026 with More Transits and Record Cargo Volume

The Panama Canal closed fiscal year 2026, spanning October 2025 to September 2026, with 13,951 vessel transits, up 4.1% from the 13,404 recorded in fiscal year 2025. Growth was driven by the energy segments and solid performance from container ships, as well as chemical tankers and LNG carriers, amid geopolitical tensions in the Middle East.

In terms of tonnage, the Panama Canal reported that it reached 521 million PC/UMS tons, a 6.5% increase from the 489.2 million recorded in the previous fiscal year, a figure the Panamanian authority described as a record, surpassing the previous high of 518 million tons set in fiscal year 2022. The Neopanamax locks accounted for more than half of that tonnage (52.2%), rising 8.2% from the prior year. Another measure cited by local media placed the increase in cargo carried at 7%, reaching 280.6 million long tons.

Panama Canal Administrator Ilya Espino de Marotta explained that the result was partly due to a “surge” in vessel transits triggered by the closure of the Strait of Hormuz, through which 20% of the world's oil and liquefied natural gas passed before the Middle East conflict. Following that closure, the Canal raised its daily transits from 36 to 41 for a period to accommodate vessels seeking an alternative route to transport energy cargoes.

Despite that boost, the interoceanic waterway had to progressively reduce daily transits starting in early September, from 36 to 32, due to the rainfall shortage linked to the El Niño phenomenon, though it later raised them to 33 as precipitation picked up. Espino de Marotta noted that El Niño's impact became significant only in the last four months of the fiscal year, and stressed that the Canal managed to maintain a maximum draft of 50 feet throughout the dry season, allowing it to offer favorable operating conditions to users.

The Panama Canal reported total revenues of 6.6 billion balboas in fiscal year 2026, up 16.6% from the previous year, figures the authority noted have yet to be audited. It also announced the reinstatement of the “Last-Minute Reservations” service for vessels using the Panamax locks. Looking ahead to fiscal year 2027, the interoceanic waterway aims to maintain its activity level and strengthen its operational capacity to ensure the continuity of maritime transit in the region.