The Panama Canal reported higher vessel transits and cargo throughput in the first half of Fiscal Year 2026, alongside increased demand for its reservation system, highlighting sustained pressure on capacity and scheduling.
The update was presented during a market briefing hosted by Anna Milne, Managing Director of Emerging Markets Corporate Research at Bank of America Merrill Lynch, with Canal leadership outlining operational performance.
Dr Ricaurte Vásquez Morales, Administrator of the Panama Canal, said: “The Panama Canal is open and fully operational, thanks to the dedication of some nine thousand Panamanians who keep this waterway running.
“Amid all the geopolitical complexities in the world today, the shifts and various factors affecting international trade, the Panama Canal remains open and reliable. With water levels currently at optimal levels, we are accommodating an ever-growing volume of traffic.
“There is strong performance coming from container traffic and liquefied petroleum gas. Energy products are playing an increasingly important role in the volumes we are handling here at the Panama Canal.”
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Between October 2025 and March 2026, the Canal handled 6,288 transits, up 224 year-on-year, with cargo volumes reaching 254 million PC/UMS tonnes, an increase of around 5 per cent.
Operational activity intensified through the period, with daily averages rising to 34 vessels in January and 37 in March, while peak days exceeded 40 transits, placing greater emphasis on efficient traffic management and scheduling.
Demand for booking systems increased, with operators making greater use of long-term slot allocations and LNG-specific reservations.
The Canal confirmed that all vessels must secure a booking prior to transit, with only a limited number of auction slots available.
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Víctor Vial, Vice President of Finance at the Panama Canal, stated: “The average auction price before the Middle East conflict was between $135,000 and $140,000. Following the outbreak of the conflict, that average climbed to approximately $385,000 between March and April.”
He added that the structured booking system has supported operational predictability, enabling the Canal to manage higher traffic volumes without significant congestion.
On water management, Ilya Espino de Marotta, Deputy Administrator and Chief Sustainability Officer, said reservoir levels remain stable following earlier weather fluctuations, with ongoing monitoring ahead of potential El Niño conditions.
“We don’t anticipate anything significant between now and December, but we continue to monitor the situation closely. We want to keep the lakes as high as possible heading into the next dry season, so we can continue delivering a high-quality service,” she said.
Overall, the Canal’s performance reflects a combination of stable water availability, stronger energy cargo flows and increased reliance on structured transit systems to maintain efficiency under rising demand.
For more information:
Panama Canal – https://pancanal.com/en/
