Sudden!Global shipping sounds the alarm again!Panama Canal waiting time surges by 60%, global sh
- Author:Maintenance network
- Source:Maintenance network
- Release Date:2026-05-21
The Panama Canal ship jam situation is becoming increasingly severe, and operation and maintenance operations are about to start next month. Navigation efficiency is once again limited. The market is increasingly concerned about ship delays and higher freight rates.
Part.01
Panama Canal to undergo lock maintenance in June
As global shipping links continue to be affected by geopolitical tensions, the pressure on the navigation of the Panama Canal has increased again in the near future.According to multiple international shipping media reports, the Panama Canal Authority (ACP) plans to carry out dry maintenance operations on the lock chamber on the east side of the Gatun Lock in the New Panama Canal (Neopanamax Locks) from June 9 to 17, 2026.During the maintenance period, ships will only be able to use the west side ship lock, and the number of available daily navigation slots is expected to be reduced to 16. The waiting time for some ships may be further extended.
Canal wait times rise significantly
Recently, as the situation in the Middle East continues to affect global energy and trade routes, the demand for diversion of some ships has increased, and the number of ships queuing up at both ends of the Panama Canal is increasing.
Skandinaviska Enskilda Banken issued a report on May 18 stating that the risk of Panama Canal congestion is increasing rapidly.
SEB cited market data and pointed out that since May 2026, the average waiting time in the Panama Canal has reached 47.9 hours, which is about 60% higher than the average level between January and February this year.The agency believes that the upcoming maintenance window may further increase the risk of shipping delays and force some shipowners to consider alternative routes such as detouring around the Cape of Good Hope.
Part.02
The VLGC market is significantly affected
SEB specifically pointed out that the current situation has a particularly obvious impact on the very large liquefied gas carrier (VLGC) market.As some liquefied petroleum gas (LPG) transport ships need to choose between waiting for passage and long-distance deviations, the market's effective shipping capacity is being further compressed.Data shows that the daily rent of VLGC from the U.S. Gulf of Mexico to Asia has recently reached close to US$185,000, setting one of the highest levels in history.Industry insiders said that changes in the Panama Canal’s traffic efficiency are highly sensitive to the global LPG transportation market.
El Niño risks draw renewed attention
At the same time, the market's attention to potential climate risks in the second half of 2026 is also increasing.According to the latest forecast from the National Oceanic and Atmospheric Administration (NOAA), the probability of an El Niño phenomenon reaching 82% from May to July this year, and the probability of a strong El Niño event before the end of the year is about 37%.Historical data shows that El Niño typically reduces rainfall in Central America and affects water levels in Gatun Lake.Since Gatun Lake is the core source of fresh water for the Panama Canal, once the water level drops, the canal usually needs to implement measures such as draft restrictions and ship number restrictions.From 2023 to 2024, the Panama Canal severely restricted traffic due to severe drought, which aroused widespread concern in the global shipping market.
Part.03
Panama Canal Authority: No new sailing restrictions planned yet
In response to market concerns, the Panama Canal Authority (ACP) recently stated that it currently has no plans to further restrict ship traffic for the remainder of 2026.The Authority pointed out that the water conservation and water management measures implemented since 2025 have maintained the water level of Gatun Lake at a relatively high level.
ACP also stated that the canal still maintains an average daily traffic volume of about 38 ships.
Still, signs of market stress are growing.Recently, the auction price of the Panama Canal's right of way rose to approximately US$4 million per vessel, exceeding the level during the previous drought crisis.
Industry observation
Currently, the situation in the Red Sea, risks in the Strait of Hormuz, Panama Canal maintenance and climate factors are creating multiple overlapping impacts.For shipping companies and cargo owners, they need to focus on the following in the future:
Canal waiting time changes
Route detour cost
Shipping schedule stability
VLGC and energy transportation freight rate fluctuations
Panama Canal water level situation
Amid continued pressure on key global shipping lanes, new uncertainties about supply chain stability are growing.
Part.01
Panama Canal to undergo lock maintenance in June
As global shipping links continue to be affected by geopolitical tensions, the pressure on the navigation of the Panama Canal has increased again in the near future.According to multiple international shipping media reports, the Panama Canal Authority (ACP) plans to carry out dry maintenance operations on the lock chamber on the east side of the Gatun Lock in the New Panama Canal (Neopanamax Locks) from June 9 to 17, 2026.During the maintenance period, ships will only be able to use the west side ship lock, and the number of available daily navigation slots is expected to be reduced to 16. The waiting time for some ships may be further extended.
Canal wait times rise significantly
Recently, as the situation in the Middle East continues to affect global energy and trade routes, the demand for diversion of some ships has increased, and the number of ships queuing up at both ends of the Panama Canal is increasing.
Skandinaviska Enskilda Banken issued a report on May 18 stating that the risk of Panama Canal congestion is increasing rapidly.
SEB cited market data and pointed out that since May 2026, the average waiting time in the Panama Canal has reached 47.9 hours, which is about 60% higher than the average level between January and February this year.The agency believes that the upcoming maintenance window may further increase the risk of shipping delays and force some shipowners to consider alternative routes such as detouring around the Cape of Good Hope.
Part.02
The VLGC market is significantly affected
SEB specifically pointed out that the current situation has a particularly obvious impact on the very large liquefied gas carrier (VLGC) market.As some liquefied petroleum gas (LPG) transport ships need to choose between waiting for passage and long-distance deviations, the market's effective shipping capacity is being further compressed.Data shows that the daily rent of VLGC from the U.S. Gulf of Mexico to Asia has recently reached close to US$185,000, setting one of the highest levels in history.Industry insiders said that changes in the Panama Canal’s traffic efficiency are highly sensitive to the global LPG transportation market.
El Niño risks draw renewed attention
At the same time, the market's attention to potential climate risks in the second half of 2026 is also increasing.According to the latest forecast from the National Oceanic and Atmospheric Administration (NOAA), the probability of an El Niño phenomenon reaching 82% from May to July this year, and the probability of a strong El Niño event before the end of the year is about 37%.Historical data shows that El Niño typically reduces rainfall in Central America and affects water levels in Gatun Lake.Since Gatun Lake is the core source of fresh water for the Panama Canal, once the water level drops, the canal usually needs to implement measures such as draft restrictions and ship number restrictions.From 2023 to 2024, the Panama Canal severely restricted traffic due to severe drought, which aroused widespread concern in the global shipping market.
Part.03
Panama Canal Authority: No new sailing restrictions planned yet
In response to market concerns, the Panama Canal Authority (ACP) recently stated that it currently has no plans to further restrict ship traffic for the remainder of 2026.The Authority pointed out that the water conservation and water management measures implemented since 2025 have maintained the water level of Gatun Lake at a relatively high level.
ACP also stated that the canal still maintains an average daily traffic volume of about 38 ships.
Still, signs of market stress are growing.Recently, the auction price of the Panama Canal's right of way rose to approximately US$4 million per vessel, exceeding the level during the previous drought crisis.
Industry observation
Currently, the situation in the Red Sea, risks in the Strait of Hormuz, Panama Canal maintenance and climate factors are creating multiple overlapping impacts.For shipping companies and cargo owners, they need to focus on the following in the future:
Canal waiting time changes
Route detour cost
Shipping schedule stability
VLGC and energy transportation freight rate fluctuations
Panama Canal water level situation
Amid continued pressure on key global shipping lanes, new uncertainties about supply chain stability are growing.