Panama Canal traffic rises, fees surge
- The Panama Canal Authority said April 23 that first-half fiscal 2026 traffic rose to 6,288 transits as drought limits eased and operations stayed open. - Cargo volume reached 254 million Panama Canal tons, up about 5%, while some last-minute auction slots topped $1 million and one reportedly hit $4 million. - Middle East shipping disruptions are lifting demand even as canal officials say queues remain contained. (pancanal.com)
The Panama Canal handled 6,288 transits in the first half of fiscal 2026, up 224 from a year earlier, as water levels improved and traffic kept moving. (pancanal.com) The Panama Canal Authority said 254 million PC/UMS tons moved through the waterway from October 2025 through March 2026, about 5% above the 243 million tons in the same period a year earlier. Daily averages reached 34 vessels in January and 37 in March, with peak days above 40 transits. (pancanal.com) Canal officials said operations were running “efficiently and without congestion,” and Administrator Ricaurte Vásquez Morales said the waterway was “open and fully operational.” Vice President of Finance Víctor Vial said some vessels paid more than $1 million at auction for transit slots during a recent demand spike. (pancanal.com) The canal is a shortcut between the Atlantic and Pacific, so when water levels or booking slots tighten, shipping lines either wait, pay more, or sail longer routes. In 2023 and 2024, drought restrictions cut daily crossings and pushed up auction prices as ships competed for scarce space. (maritime-executive.com) This time, the pressure is coming from trade rerouting rather than drought alone. The Maritime Executive, citing Argus data, said April auction prices averaged about $385,000, up from roughly $135,000 to $140,000 in March, with a top price of $1.7 million for a Panamax slot and $4 million for a Neopanamax slot. (maritime-executive.com) Reuters reported on April 23 that the authority described the million-dollar-plus bids as a temporary surge in demand, not evidence of persistent congestion. A separate Reuters report on April 16 said the authority downplayed the reported $4 million payment as a market outcome rather than a fee set by the canal. (finance.yahoo.com) (usnews.com) The cargo mix is also shifting. The authority said container traffic and liquefied petroleum gas were strong in recent months, and energy products are taking a larger share of canal volumes. (pancanal.com) (maritime-executive.com) That leaves the canal in an unusual position: steadier operations than during the drought crunch, but higher spot prices for carriers that need to move immediately. The canal says it remains reliable; the market is showing what urgency costs. (pancanal.com) (finance.yahoo.com)
