Panama Canal tonnage increased 6.5% in fiscal 2026 as demand from energy carriers and container shipping supported higher throughput, gCaptain reported, citing Panama Canal Authority results. The gains came despite continuing pressure on freshwater supplies and the need to conserve water as an El Niño weather pattern develops.
The waterway recorded 13,951 vessel passages in the year to 30 September, a 4.1% increase from 13,404 a year earlier. Total volume reached 521 million Panama Canal Universal Measurement System (PC/UMS) tons, against 489.2 million in fiscal 2025. Larger ships remained a major contributor: the Neopanamax locks handled 52.2% of overall tonnage, with their volumes rising 8.2% year on year.
According to gCaptain, the authority linked the expansion to stronger energy shipping demand, resilient container traffic and changes in international trade patterns. Revenue grew faster than either vessel numbers or tonnage, increasing 16.6% to about $6.6 billion. Those financial figures have not yet been audited. Despite water-management challenges, the canal kept its maximum authorised draught at 50 feet throughout the fiscal year’s dry season, maintaining relatively steady operating conditions for customers.
The authority also restored its Last-Minute Reservation service for Panamax vessels with immediate effect on Wednesday. This allows ships without a booking to obtain a passage when a slot becomes available, although offering that extra capacity remains at the canal’s discretion. Recent rainfall close to average levels, alongside conservation measures, helped improve watershed conditions and supported the decision.
The move follows restrictions introduced earlier in the year after below-normal rainfall. Daily booking capacity was recently raised to 33 slots, including 10 for Neopanamax vessels, effective 15 October. However, gCaptain reported that the canal still faces a water deficit and has warned that further operating changes may be necessary if El Niño strengthens.
Longer-term water security was also discussed during Wednesday’s investor call hosted by Bank of America Merrill Lynch. Executives outlined infrastructure plans including the proposed Río Indio Lake Project, a key freshwater initiative within the canal’s Vision 2025–2035 development programme. The programme is intended to improve resilience and preserve competitiveness as shipping patterns change.