The Panama Canal recorded growth in both vessel transits and tonnage in Fiscal Year 2026, which ran from October 2025 through September 2026. The results underscore the waterway’s ability to meet the demand of global maritime trade while continuing to adapt to the effects of El Niño.
The Panama Canal presented its FY2026 results today during a call hosted by Anna Milne, Managing Director of Emerging Markets Corporate Research at Bank of America Merrill Lynch.
Panama Canal Administrator Ilya Espino de Marotta, Deputy Administrator Miguel Lorenzo, and Vice President of Finance Juan Mojica discussed the canal’s water management strategy and progress on initiatives under its Vision 2025–2035, including the Río Indio Lake Project.
Operational Performance
The Panama Canal handled 13,951 transits in FY2026, up 4.1% from 13,404 in FY2025. Growth was driven by energy shipping segments and strong containership performance.
Tonnage reached 521 million Panama Canal Universal Measurement System (PC/UMS) tons, an increase of 6.5% from 489.2 million PC/UMS tons the previous fiscal year.
Vessels transiting the Neopanamax locks accounted for 52.2% of total tonnage, with tonnage through these locks rising 8.2% year over year. This growth reflects the increasing share of larger-capacity vessels using the waterway.
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.
Total revenue for FY2026 reached B/. 6.6 billion, an increase of 16.6% over the previous fiscal year. These unaudited figures reflect strong financial discipline and will support investment in strategic projects that will shape the future of the canal.
“Far from restricting trade flows, the Panama Canal facilitates international maritime trade by providing its customers with a reliable and safe route,” Administrator Espino de Marotta said during the call.
Results from FY2026 also highlight the performance and dedication of the canal’s workforce and its ability to deliver strong results in a complex global environment.
Last Minute Reservations
With water conservation measures proving effective and recent rainfall in the watershed approaching average levels, the Panama Canal announced, today, through an Advisory to Shipping, the immediate reinstatement of its Last-Minute Reservation service for vessels using the Panamax locks.
The service gives vessels without a reservation an additional opportunity to secure a transit slot when one becomes available and the canal, at its discretion, chooses to offer it.
The Panama Canal remains committed to closely monitoring water conditions and rainfall and will promptly communicate any further adjustments as circumstances require.