The Panama Canal expects its revenue to exceed the projected $5.2 billion for fiscal year 2026 after the temporary closure of the Strait of Hormuz prompted more vessels to use the key shipping route linking the Caribbean Sea and the Pacific Ocean.
"Revenue for the fiscal year ending September 30 will be slightly higher than the initial estimate," said Ilya Espino de Marotta, the incoming head of the Panama Canal Authority, Bloomberg reports.
Espino de Marotta said the increase is being driven by higher vessel traffic and additional payments from ships bidding for priority transit through the canal.
In April, one vessel paid an extra $4 million to secure priority passage, while waiting times for ships without reservations also increased.
At the peak of the disruption in the Strait of Hormuz, the Panama Canal handled between 40 and 41 ships a day, compared with its typical daily traffic of 34 to 35 vessels. Daily traffic has since eased to between 36 and 38 ships, but strong booking levels for June and July are expected to continue supporting canal revenue.
By Sabina Mammadli
