The Panama Canal has seen a significant increase in both traffic and revenue during the first half of the 2026 financial year. Increased global trade – partly as a result of the conflict in the Middle East – has driven up demand, and some ships have paid over $1 million to secure a late passage.
According to the canal’s administrator, Dr Ricaurte Vásquez Morales, the canal remains “open and fully operational” despite the geopolitical tensions. At the same time, water levels are optimal, enabling high capacity.
From October 2025 to March 2026, 6,288 transits were recorded – an increase of 224 compared with the previous year. Daily traffic has also grown, from 34 ships in January to 37 in March, with some days exceeding 40 passages. The container and LPG segments in particular are driving growth, with energy transport accounting for an ever-increasing share.
However, the sharply rising auction prices for transit slots have attracted the most attention. Prices have skyrocketed by around 180 per cent since the start of the war – from approximately 135,000 US Dollars to around 385,000 US Dollars on average.
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According to the Canal Authority, extreme cases exceeding $1 million are due to temporary spikes in demand.
The auction system includes 3–5 daily slots for ships without reservations, whilst the vast majority of shipping companies book in advance through long-term agreements.
At the same time, the water supply is stable. Unusually high rainfall has filled the Gatún and Alhajuela lakes, reducing the risk of operational disruptions later in the year, even in the event of a possible El Niño scenario resulting in lower water levels in the lakes.
