In fiscal year 2026, the Panama Canal saw an increase in vessel traffic, tonnage, and revenue. Higher demand from energy carriers and containerships helped boost volumes, even amidst ongoing worries about water availability.
Total tonnage rose by 6.5% to 521 million Panama Canal Universal Measurement System (PC/UMS) tons, up from 489.2 million tons in fiscal 2025.
The growth was largely driven by larger vessels. Ships using the canal's Neopanamax locks represented 52.2% of the total tonnage, with traffic through these locks increasing by 8.2% compared to the previous year.
The canal credited this increase to strong demand from the energy shipping sector, solid performance from containerships, and changes in international trade patterns.
Financially, the results were even better, with total revenue reaching around $6.6 billion, a 16.6% increase from last year. These figures are still pending final auditing.
These results come as the canal works to meet rising shipping demand while implementing water conservation measures to protect its operations during the developing El Niño weather pattern.
Despite challenges, the canal maintained a maximum authorized draft of 50 feet throughout the dry season, providing stable operating conditions for shipping customers.
“The Panama Canal does not restrict trade flows; instead, it enhances international maritime trade by offering a reliable and safe route,” said Panama Canal Administrator Ilya Espino de Marotta during a conference call with Bank of America Merrill Lynch.
Additionally, the canal announced it will resume its Last-Minute Reservation service for vessels using the Panamax locks. This service allows ships without existing reservations to secure a transit slot when one becomes available, although the canal can decide whether to provide this extra capacity.
This decision comes after improvements in rainfall, which approached average levels, alongside water-saving measures that helped conserve supplies.
However, concerns about water availability persist. The canal has alerted that a continued water deficit might necessitate further operational adjustments, particularly if El Niño conditions strengthen.
During the recent call, canal executives discussed long-term infrastructure investments, including the proposed Río Indio Lake Project, which is key to ensuring freshwater supplies for future operations.
This project is part of the larger Vision 2025–2035 plan, aimed at enhancing the canal's resilience and maintaining its competitiveness as global shipping patterns change.
Currently, the latest results indicate that the Panama Canal continues to draw in more shipping traffic, even as managing water resources remains one of its biggest operational challenges.