Hormuz War's Biggest Winner Is 8,000 Miles Away

The Panama Canal just had the biggest year in its history, and the war that choked the Strait of Hormuz, more than 8,000 miles away, is a big reason why. In the fiscal year to September 30, 2026, 13,951 ships crossed (up 4.1%), carrying a record 521 million PC/UMS tons (up 6.5%, beating 2022's 518 million). Revenue was about $6.6 billion, up roughly 16%; those are preliminary, unaudited figures from the Panama Canal Authority. In order: the scorecard; why a Gulf war sent ships to Central America (Asian buyers turning to US oil, LPG and LNG from the Gulf of Mexico, and the short way to Asia runs through Panama); how the canal pushed from 36 to 41 ships a day; the slot auctions, from a ~$55,000 median before February to SK Gas paying a record $5.3 million for its LPG carrier G. Spirit; and the catch: the canal runs on rain, and El Niño cut it to 32-33 ships a day from September. What to watch: the December-April dry season, the Rio Indio reservoir, and whether the traffic stays if Hormuz reopens. Sources: Panama Canal Authority FY2026 results (Oct 21 2026) via The Maritime Executive, gCaptain and Newsroom Panama; AFP (Oct 21 2026, via Tico Times); CNN (Mar 12 2026); BIMCO via gCaptain (May 21 2026); Bloomberg via Transport Topics and Energy Connects (Aug-Sept 2026); Marine Insight; Al Jazeera and Xinhua (Aug 21-22 2026). Footage: short clips from AP Archive (the G. Spirit's transit), AFP News Agency, the Panama Canal Authority, Marine Insight and Steve Noble. Photos: ArnoldReinhold and Mariordo (Mario Roberto Durán Ortiz) (CC BY-SA 4.0, Wikimedia Commons). Thumbnail frames: AP Archive (AP logo removed). Maps are schematic, not for navigation (map data: Natural Earth). Sources: https://maritime-executive.com/articl... https://newsroompanama.com/2026/10/21... https://www.ttnews.com/articles/asian... https://www.aljazeera.com/news/2026/8... https://gcaptain.com/panama-canal-tra... https://ticotimes.net/2026/10/21/pana... https://gcaptain.com/panama-canal-nea... https://www.marineinsight.com/shippin... https://www.energyconnects.com/news/g... https://www.freshplaza.com/north-amer...