Panama Canal Accumulates 11,019 Transits Through August

Through August of this year, the interoceanic waterway had recorded 11,019 vessel crossings, representing 2,041 additional transits compared to the 8,978 crossings recorded between October 2023 and August 2024.  Through locks, transits totaled 7,974 on the Panamax locks, representing 72.7% of the total crossings by the route, and 3,045 on the Neopanamax locks, which meant 27.63% of the total transit.  Panama Canal Authority Administrator Ricaurte Vásquez explained that there has been a shift in global maritime trade patterns in recent months due to geopolitical factors stemming from the imposition of tariffs. 

Please “We’re looking at roughly a little less than 500 million tons of Canal throughput, from 498 to 464 million tons, in part because there’s been a lot of cargo that would have possibly transited in fiscal year 2026 [which begins in October 2025], which has moved up and accelerated,” Vásquez said in response to a question at the end of a Moody’s forum last week.  He explained that changes in international trade patterns accelerated imports and therefore the transit of vessels from Asia to the United States, for example.  The ACP administrator indicated that demand currently stands at 33 transits per day, despite the capacity for 36 vessels to cross daily.

One of the reasons is that the vessels are larger and consolidate cargo.  Vásquez reiterated that the budget set for fiscal year 2025 has been met due to the increase in international trade crossings for imports and exports, which anticipated the tariffs, but they are projecting a reduction for fiscal year 2026.  The Canal’s estimates point to revenues of $5.207 billion and operating expenses of $1.615 billion for fiscal year 2026 , which begins next October; however, they warn that revenues will be $400 million less than the 2025 estimate.  “By 2026, a decrease of between 1,100 and 1,200 [ship] transits is expected, given the situation of the global economy for 2026,” said Victor Vial, vice president of finance for the ACP.  ACP contributions to the National Treasury are expected to reach $3.193 billion in 2026, an increase compared to the $2.789 billion projected for 2025.

Accumulated Transits by Segment

By segment, container ship transits totaled 2,646 crossings through the Panama Canal. The largest proportion was neo-Panamax vessels transiting the expanded locks, totaling some 1,793 vessels carrying containers. Meanwhile, 853 container ships transited the Panamax locks.  The other fastest-growing segment was bulk carriers, with 1,949 Panamax and 73 Neopanamax transits, for a total of 2,022 vessels.  Chemical tankers had accumulated a total of 2,037 transits by the end of August, of which 2,034 transited through the Panamax locks and 3 through the Neopanamax locks. 

Gas carriers also recorded 1,651 cumulative transits, of which 688 were through the Panamax locks and 963 through the Neopanamax locks.  Other segments, such as vehicle carriers, accounted for 807 transits, and tankers, 410. In the case of cruise ships and other passenger vessels, a cumulative total of 208 transits was recorded through August.  And in the LNG or liquefied natural gas segment, 56 transits were reported, the majority (50) through the neopanamax locks.