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• connects the Atlantic and Pacific Ocean¹⁾
• has been a significant waterway for global trade since its completion in 1914 ²⁾

Unlike the Suez Canal, which does not have locks, the Panama Canal relies on fresh water to operate three sets of locks that allow ships to cross between the Pacific and Atlantic oceans through a 50-mile artificial waterway.³⁾

The canal accounts for 3.1% of the Central American country’s gross domestic product. The waterway, which allows up to 14,000 ships to cross per year, accounts for 2.5% of global seaborne trade and is critical to U.S. imports of autos and commercial goods by container ships from Asia, and for U.S exports of commodities, including liquefied natural gas (LNG).⁴⁾

PANAMA-STADT - Der Panamakanal verzeichnete einen Anstieg des Nettogewinns um 9,5% auf 3,45 Milliarden US-Dollar für das im September endende Geschäftsjahr. Dies geschah trotz einer schweren Dürre, die den Wasserweg beeinträchtigte und zu einem Rückgang der Anzahl der passierenden Schiffe führte. Die Kanalbehörde gab heute die Finanzergebnisse bekannt und betonte die Herausforderungen, denen man in diesem Zeitraum gegenüberstand.⁵⁾

The geography and construction of the Panama Canal require locks to lift and lower ships as they make their way across the Isthmus of Panama. It has been expanded over time to help even-larger vessels avoid a long journey around Cape Horn at the tip of South America.⁶⁾)

As of Jan. 11, the average auction price for Neopanamax slots, which allow for the largest class of tankers permitted to transit the canal, was $269,000, according to a Panama Canal Authority spokesperson. Vessels carrying liquefied natural gas are included in that class.⁷⁾

The new canal will be able to handle part-laden Suezmax tankers.¹⁾

The dry season in Panama typically spans from December to April, while the wet season lasts from May to November. During the dry season, there tends to be less rainfall and lower water levels in rivers and lakes, including Lake Gatun. However, it's important to note that Panama, being a tropical region, can experience variations in rainfall patterns, and the water levels in Lake Gatun can be influenced by factors like El Niño or La Niña events, which can affect the precipitation patterns and consequently the lake's water levels.

• 77km²⁾

Approx. 36 ships p. d.

Nov'23: By February, just 18 ships a day will be crossing the route, about half as many as there were a year earlier.

One oil tanker owner said earlier this year it sent a vessel around the southern tip of South America in order to avoid queuing at the mouth of the canal. That voyage is about 16 days longer.

More than 14,000 ships crossed the canal in 2022. Container ships are the most common users of the Panama Canal and transport more than 40% of consumer goods traded between Northeast Asia and the U.S. East Coast.

Canal operators also cut the number of daily ship crossings to 32 from about 36 during normal operations since each passage requires about 50 million gallons of water, only a portion of which is recycled.

Aug'23: Shippers are having to pay record amounts if they want their carriers to beat a logjam of vessels waiting to cross the drought-affected Panama Canal. One recently paid USD 2.4 million — in addition to a standard transit fee of around USD 400,000 — in order to get a slot allow its carrier to traverse the waterway faster, shipping company Avance Gas Holding Ltd. said in its earnings this week.

For those wishing to queue jump, the Panama Canal Authority holds auctions.

“You can skip the queue but its immensely costly,” said Oystein Kalleklev, Avance Gas’s chief executive officer. “It’s gone rapidly up. When you add the regular fee you’re getting close to USD 3 million to get your ships through.”