At the end of the fiscal year 2026, the Panama Canal set a new record for the volume of cargo passing through this route. Despite challenges posed by drought and the impacts of El Niño, the agency managed to move 521 million tons of cargo in this year, representing a 6.5% increase compared to the previous year. This new record surpassed the figure of 518 million tons in 2022.
Growth in Canal Crossings
Ilia Espino de Marotta, the administrator of the Panama Canal, reported that in the fiscal year 2026, a total of 13,951 crossings were recorded, which is a 4.1% increase from 13,404 crossings in the fiscal year 2025. This growth is primarily attributed to the energy transport sector and the strong performance of container ships. Additionally, this increase in canal crossings has led to a 16.6% growth in the agency's overall revenues.
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Global Impacts on Demand
The high demand for passage through the Panama Canal has also been due to disruptions in global trade patterns and strong demand from Asia. Ships have increasingly avoided the Suez Canal and the Red Sea due to risks posed by Houthis and disruptions caused by the war in the Persian Gulf. As a result, the Panama Canal has been able to attract a larger share of ships with greater capacity. Currently, crossings through the Neopanamax locks account for over 52% of the total cargo tonnage, which is more than an 8% increase compared to the previous year.
The administrators of the Panama Canal also highlighted their efforts to maintain operations for large ships, stating that they have managed to maintain a depth of 50 feet during the drought season. They also increased the number of daily crossings from 36 to 41 to align with the rising demand.
Despite the negative impacts of El Niño and drought, the Panama Canal was soon able to add a new slot in the Neopanamax locks. Additionally, water management efforts allowed the agency to delay planned reductions in maximum depth levels.
The Panama Canal management has advised ships to make reservations for passage through the canal to avoid long delays. This has led to increased prices in some daily auctions, with some reaching a record high of 5 million dollars.
Finally, the Panama Canal announced that it will reinstate last-minute reservation services for ships using the Panamax locks. This service provides ships arriving at the canal without reservations an additional opportunity to secure a passage slot. Water management actions and recent rainfall have helped the agency to reinstate some previous measures for water conservation.
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