Panama Canal Water Levels and Slots — 2026-09-25
September rains have given the Panama Canal a reprieve: the ACP says it can hold the 48-foot draft and 32 daily transits until at least December. Meanwhile, the financial toll of El Niño is mounting — up to $400 million and 1,265 fewer transits projected for 2027 — and Panama is now seeking UN help to fund the $1.6 billion Río Indio reservoir.
Panama Canal Water Levels and Slots — 2026-09-25
Top developments
ACP holds 48-foot draft and 32 daily transits until December
Deputy administrator Ilya Espino de Marotta said improved rainfall means the canal will not, for now, need to cut the 48-foot (14.63 m) draft for Neopanamax ships, and the 32 daily transits can be sustained at least through December. The stabilization of Gatún and Alhajuela lake levels underpins the decision.
September rainfall lifts the watershed
Rainfall in the first 21 days of September exceeded the historical average for the canal watershed, easing pressure on Gatún and Alhajuela. The ACP retains 32 daily slot allocations and currently projects no new operational restrictions.
El Niño could cost the canal up to $400 million in 2027
The canal projects 1,265 fewer transits in 2027 under El Niño scenarios, as it watches for the rains needed to sustain operations through the upcoming dry season. Watershed rainfall from May through August was about 34% below normal, reversing earlier gains in lake levels.
Panama asks the UN for help funding the Río Indio reservoir
Panama has requested UN support to build the Río Indio reservoir, a project estimated at around $1.6 billion that would secure water supply for the canal and help end the transit restrictions caused by drought. The project remains years from completion, keeping the canal exposed to each wet season's rainfall in the meantime.
Local view
Panamanian outlets struck a cautiously optimistic tone this week. Crítica headline read "Lluvias dan un respiro al Canal: mantendría 48 pies y 32 tránsitos", noting that improved Gatún and Alhajuela levels allow the draft to stay at 48 feet for now. Panamá América similarly reported that the canal "pospone restricciones de calado gracias a las lluvias," conditioning the relief on continued favorable rains through December.
Context & numbers
The current slot structure dates to early September adjustments: nine daily Neopanamax slots (1 Special Period, 3 LOTSA, 3 Period 1/1A, 1 Period 2, 1 Auction) and 23–25 Panamax slots, for 32 total daily transits since September 15. Slot competition remains fierce: bulk carrier transits have fallen 22% since July as tankers compete for slots amid boosted US energy exports to Asia, per a Bimco analysis.
On the radar
- Dry season arrival: whether the December Timeline for holding 32 transits and 48-foot draft holds depends on rainfall through the fourth quarter.
- UN funding negotiations for the Río Indio reservoir and its displacement/compensation process remain a key fault line, with communities in the Indio River basin continuing to oppose the project.
- Auction premiums: a record ~$5.3 million auction slot price, paid by SK Gas for an LPG carrier transit, continues to ripple through shipping markets and may pressure relief demand for more slots.
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