Panama Canal Revenue Beats Forecast as Hormuz Closure Drives Ship Traffic

The Panama Canal Authority expects fiscal 2026 revenue to exceed the $5.2 billion forecast after the closure of the Strait of Hormuz redirected additional vessels through the canal. Incoming administrator Ilya Espino de Marotta said revenue will be "a little bit more" than initially projected, buoyed by higher daily transits – peaking at 40‑41 ships per day versus the usual 34‑35 – and strong auction payments for vessels seeking priority passage. Liquefied natural gas tankers and oil tankers carrying U.S. crude to Asia have increased, with the canal now handling about one LNG tanker daily.

Espino de Marotta, a 41‑year veteran of the canal and its 2016 expansion, will oversee major infrastructure projects, including a new dam, reservoir, two ports and an LPG pipeline, together costing roughly $8.5 billion and slated to begin construction in late 2027 or early 2028. The authority is pre‑qualifying bidders for the reservoir and its own port terminals, aiming to complete all projects by 2032. Recent legal actions saw Panama’s top court cancel a contract with Hong Kong’s CK Hutchison, leading to interim operation of nearby ports by APM Terminals (AP Møller‑Maersk) and MSC (Switzerland).