Panama Canal: pricing pressure and extended booking lead times

31 March, 2026 – The Panama Canal is operating under significant pressure. Auction levels have increased sharply and booking lead times have extended within just a few days. The impact is already visible across tanker, chemical and LPG movements.

Current market indicators

• Latest NEO auction: USD 2,454,000
• Highest SB auction: USD 2,101,000 (April 6 slot)
• SB SUPER average (last 4 days): USD 817,714
• NB SUPER average: USD 208,500
• First Period SUPER slots now being booked 45 days in advance, compared to 33 days one week ago
• Lead time has increased by 12 days within a single week

Key drivers behind the current situation

• Oil price volatility is accelerating tanker movements
• Middle East instability affecting routing decisions and bunker costs
• Panamax Locks lane outage between April 7 and 9 is reducing SUPER capacity by approximately 35%
• Strong competition to secure arbitrage positions
• Fixed-price First Period slots (USD 50,000) are increasingly used to avoid exposure to auction

Short-term outlook

• April 3–15 is expected to be the most constrained period of the year, with SB levels ranging between USD 600K and 1.2M+
• A moderate easing is expected in May, with SB levels between USD 300K and 700K, and NB between USD 150K and 250K
• First Period reservations will remain elevated through mid-June

The current conditions point to a sustained adjustment rather than a short-term fluctuation.

Operational considerations

• First Period SUPER slots are being secured earlier than usual
• Exposure to open auction between April 3 and 12 is associated with higher cost volatility
• SB competition is expected to remain strong through Q2
• Close, day-to-day monitoring is required to align timing and cost

At MasOceans, we follow this closely together with CAPAS EEV, CORP. – Shipping Agency, our local partner, aligning each movement with current market conditions.

𝗬𝗢𝗨𝗥 𝗩𝗘𝗦𝗦𝗘𝗟𝗦, 𝗢𝗨𝗥 𝗣𝗢𝗥𝗧𝗦 

If you have vessels scheduled for 𝗣𝗮𝗻𝗮𝗺𝗮 and require local coordination, please contact Martaxelle Erussard:
 +41 22 552 0051
 +41 79 658 1504
 martaxelle@masoceans.com