The Panama Canal handled 13,951 vessel transits in fiscal 2026 (October 2025–September 2026), up 4.1% year-on-year, as energy shipments and container traffic supported demand despite renewed draft restrictions in the final months of the fiscal year. Disruption around the Strait of Hormuz added to demand for canal passages, pushing auction prices for transit slots to unprecedented levels.
Tonnage rose 6.5% to 521m Panama Canal Universal Measurement System (PC/UMS) tons in the year ended September 30, while revenue increased 16.6% to B/.6.6 billion (US$6.6 billion), according to preliminary figures released by the Panama Canal Authority.
The results follow a rebound in traffic after drought forced the canal to restrict vessel transits and draft in fiscal 2024. With operating conditions improving and restrictions lifted, the canal handled 13,404 transits and 489.2m PC/UMS tons in fiscal 2025 pushing the revenue to B/.5.705 billion. Traffic continued to rise in fiscal 2026, with tonnage through the Neopanamax locks increasing 8.2% and accounting for 52.2% of the canal’s total tonnage.
“The results reflect a sustained recovery in demand, supported in part by shifts in international trade flows. The Panama Canal also maintained a maximum draft of 50 feet throughout the dry season, providing favorable operating conditions for its customers,” the Canal Authority said.
The fiscal 2026 results come against a backdrop of renewed water restrictions introduced from July, as the Panama Canal Authority responded to below-average rainfall and the risk of El Niño affecting water levels. The measures included progressively lower draft limits for Neopanamax vessels and cuts to daily transit capacity, which was scheduled to fall from 36 vessels to 32 by mid-September. The restrictions coincided with disruption to energy shipping around the Strait of Hormuz, which increased demand for canal passages and pushed auction bids for individual transit slots as high as US$5.3m.
The Panama Canal Authority also announced the immediate reinstatement of its Last-Minute Reservation service for vessels using the Panamax locks, citing effective water-conservation measures and recent rainfall in the watershed approaching average levels. The service gives vessels without a reservation an opportunity to secure an available transit slot if the canal chooses to offer one. The authority said it would continue monitoring water levels and rainfall and communicate any further operational adjustments as conditions require.