Panama Canal reports record tonnage and restores last-minute Panamax bookings

The Panama Canal has reported record annual cargo tonnage and is restoring its Last-Minute Reservation service for vessels using the Panamax locks, according to The Maritime Executive. The canal authority attributed stronger demand partly to changing international trade flows, while rainfall and water management have helped it reverse some drought-related operating restrictions.

The outlet reported that officials told AFP that tonnage reached 521 million tons on the canal’s PC/UMS measure in the fiscal year ending 30 September. That was 6.5% higher than the previous year and exceeded the 2022 record of 518 million tons. In its annual performance presentation, the authority reported 13,951 transits for FY2026, compared with 13,404 in FY2025, an increase of 4.1%. Energy shipping and container traffic led the growth, while total authority revenue rose 16.6%.

Strong Asian demand and disruptions to established shipping routes also supported traffic, The Maritime Executive reported. Vessels have diverted from the Suez Canal and Red Sea because of Houthi threats, with further disruption arising from the war in the Persian Gulf. Neopanamax transits accounted for slightly more than 52% of total tonnage, and tonnage passing through those locks increased by more than 8% over the year.

Officials said they maintained a 50-foot draught throughout the dry season and temporarily raised daily transits from 36 to 41 to accommodate demand. Drought linked to El Niño had previously forced transit reductions, although the authority recently reinstated one Neopanamax slot. Water management also enabled it to postpone further planned reductions in maximum draught.

The restored Panamax service gives ships without reservations another opportunity to obtain a slot when one becomes available. The authority has encouraged advance bookings to avoid lengthy waits, but prices at some daily slot auctions have surged, including one exceeding $5 million. Rainfall across the watershed is now approaching average levels. According to the dashboard cited by The Maritime Executive, Gatun Lake stood at 86.2 feet, above its five-year October average, after remaining near 84 feet in early September.