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Canal traffic fell in FY2026 as waits stretched

The Panama Canal Authority (ACP) closed fiscal year 2026 (1 October 2025 to 30 September 2026) with 12,635 high-draft vessel transits, down 5.74% from 13,404 in FY2025, according to figures published by the ACP and reported by La Estrella on 12 October. Average daily traffic was about 34.6 ships. At the same time, total time in Canal waters (Canal Waters Time, CWT) roughly doubled from early in the year to nearly 38 hours by September, with peaks above 78 hours for ships without a reservation.

FY2026 by the numbers

  • Transits: 12,635 high-draft (nave mayor), versus 13,404 in FY2025 (−769 ships / −5.74%). Daily average 34.63 (La Estrella citing ACP). One lead paragraph in the same La Estrella piece says "12,642"; the headline and year-on-year comparison use 12,635, which matches 13,404 minus 769.
  • Monthly range: peak April 2026 with 1,161 transits (38.7/day); low June with 975 (32.5/day). Eleven of twelve months were down year on year; May was the exception (La Estrella).
  • CWT (arrival to ocean exit): October 2025 average 20.2 hours; August 2026 34.9 hours; September 2026 37.97 hours. September peaks reached 78.15 hours for vessels without a reservation (La Estrella).
  • Effective sailing time inside the waterway stayed narrower, roughly 9.7 to 11.84 hours by month (La Estrella).
  • Mix: Neopanamax 3,558 (28.1%), Super 6,854 (54.2%), Regular 2,230 (17.6%). Ordinary Neopanamax booking slots ran above 100% utilisation in 11 of 12 months (La Estrella).
  • Context already public: ACP Advisory A-36-2026 (28 Sep) raised Neopanamax daily booking slots to 10 (33 total across locks) for booking dates from 15 October 2026, and set Neopanamax draft at 14.94 m / 49.0 ft while watershed water remains tight. Booking remains the only way to lock a transit date. Those are capacity rules for the new fiscal year, not the FY2026 close itself (ACP).

What it means for expats

  • Canal transit revenue feeds Panama's fiscal story alongside Ecofin and MEF's no-waiver stance. A softer transit year with longer waits is a watch item for credit and budget talk, not an immediate tax change for households.
  • Import and export timing for businesses that move goods through the isthmus can still face booking pressure and longer CWT when demand spikes.
  • Cruise and yacht planners should keep using the reservation system; ACP has said booking remains the only way to lock a date while the watershed stays in deficit.
  • This pack is economy and logistics. It is not a claim that the Canal stopped for the earthquake; FY2026 ended 30 September, before the 9 October quake.

Sources

  • La Estrella - Canal closes FY2026 with 12,635 high-draft transits; CWT near 38 hours - 12 Oct 2026
  • ACP - Increase in draft and daily transit (Neopanamax to 10 slots / 14.94 m from 15 Oct booking dates) - 28 Sep 2026