Panama Canal Hits Record 521 Million Tons of Cargo in Fiscal Year 2026

Key Facts

1The Panama Canal Authority reported a record 521 million tons of cargo for fiscal year 2026.

2The surge in cargo volume was primarily driven by the closure of the Strait of Hormuz following US-Israeli strikes on Iran.

The Panama Canal Authority reported a record 521 million tons of cargo for fiscal year 2026, surpassing the previous high set in 2022. According to the Latin Times, the surge in cargo volume was primarily driven by the closure of the Strait of Hormuz following US-Israeli strikes on Iran, which forced global shipping to divert away from the Middle East.

This redirection of maritime trade pushed the canal toward its upper operational limits, with daily transits averaging 38 vessels by May 2026. While the record volume is significant, it is considered a lagging indicator of the 29-day-old conflict, which has already been priced into global shipping markets.