The Panama Canal closed fiscal year 2025 with a 14.4% year-on-year rise in revenue, supported by higher transits and tonnage across both Panamax and Neopanamax routes.
“These preliminary, unaudited results reflect the canal’s financial and operational strength, as well as the efficiency of its resource management in a challenging global environment,” the authority said.
The number of vessel transits increased by 19.3% to 13,404, compared to 11,240 in 2024. Of these, 3,342 were Neopanamax vessels and 10,062 Panamax vessels. Cargo tonnage handled also climbed 15.6% to 489.1 million CP/SUAB tons, with roughly equal volumes carried by both canal types.
Container and liquefied petroleum gas (LPG) traffic were among the strongest performers, while the bulk carrier segment continued to recover. Liquefied natural gas (LNG) volumes, however, remained below expectations due to high international freight costs.
Looking ahead, the Panama Canal plans to begin a new investment programme in 2026 aimed at expanding water capacity and strengthening the competitiveness of the interoceanic route.
Data from the Drewry World Container Index shows that spot rates for a 40-foot container dropped to around $1,669, a 20-month low, while the Shanghai–Los Angeles route fell 58% year on year to $2,196. Both are below the estimated $2,200 break-even level for major carriers such as Maersk and Hapag-Lloyd.
Industry analysts told Reuters that carriers are facing rising overcapacity, with new vessels entering service even as demand softens. Some experts warned that the sector could be heading for a repeat of the 2016 rate wars, when operators cut prices to maintain volumes.
The global downturn in ocean shipping rates could influence future traffic through the Panama Canal, particularly if carriers reduce sailings or adjust schedules to control capacity.
