Panama Canal revenue jumps 16.6% to $6.6bn as transits climb

The Panama Canal moved 13,951 vessels and earned roughly $6.6 billion in fiscal year 2026, a 16.6% revenue jump that signals the waterway has put its drought-era constraints firmly behind it. The Panama Canal Authority published the unaudited results on October 21, covering October 2025 through September 2026.

Transits rose 4.1% year over year, up from 13,404 in FY2025. Tonnage climbed faster still: 521 million PC/UMS tons moved through the locks, a 6.5% gain on the 489.2 million tons recorded the previous fiscal year. The authority credited stronger activity in energy shipping and the container sector, and said the figures reflect continued demand alongside improved operating conditions.

Why tonnage grew faster than vessel counts

The gap between a 4.1% transit increase and a 6.5% tonnage increase comes down to vessel size. Ships passing through the Neopanamax locks carried 52.2% of total PC/UMS tonnage in FY2026, and tonnage through those locks grew 8.2% compared with the prior year. In plain terms, the canal is moving a growing share of its cargo on larger vessels — the boxships and gas carriers that only the expanded locks can accommodate.

Water supply, the constraint that forced transit cuts and draft restrictions in 2023 and 2024, held up through the year. The canal maintained a maximum permitted draft of 50 feet throughout the dry season, despite what the authority described as ongoing water management challenges.

What does the return of last-minute reservations mean?

Alongside the annual results, the authority announced the immediate reinstatement of its Last-Minute Reservation service for vessels using the original Panamax locks. The service gives ships without an existing booking a further chance to secure a transit slot when capacity opens up — though allocation remains at the canal authority's discretion.

The decision follows improvements in water management and rainfall levels approaching historical averages in the canal's watershed. For carriers and forwarders, the change restores a flexibility tool that disappeared when drought forced the authority to ration slots, allowing operators to plan transits without locking in bookings weeks ahead. The authority said it will keep monitoring water conditions and announce further operational adjustments when necessary.

Where the money is going

The financial results fund a long-term agenda. The authority continues to advance its Vision 2025–2035 development plan, which includes the Río Indio Lake Project — a proposed new reservoir intended to secure the watershed's water supply and support higher transit volumes over the next decade. The authority noted the revenue figure of approximately $6.6 billion remains unaudited.

The commercial read for shippers is straightforward. Capacity through the canal is recovering, slot availability is loosening, and the revenue base to fund water infrastructure is expanding. With rainfall near historical averages and last-minute bookings restored, the canal enters FY2027 positioned to defend its share of Asia–US East Coast routings against Suez and Cape alternatives — provided the watershed's rainfall pattern holds.