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Over *** U.S. dollars was the toll revenue generated by the Panama Canal during the fiscal year 2023 (ranging from ** to ****). In comparison to the previous year, this represented a considerable increase when compared to the previous year. Tolls account for roughly ** percent of the Panama Canal’s revenue.

A bridge between two oceans

The Panama Canal is an artificial waterway of approximately ** kilometers (around ** miles) between the Atlantic and Pacific Oceans, located in the Isthmus of Panama. It is considered one of the most important primary chokepoints in the global maritime network – along with the Suez Canal, the Strait of Hormuz and the Strait of Malacca. One century after operations started in 1914, the Panama Canal records an average transit of more than ** thousand vessels per year. In the fiscal year 2020, it generated a cargo gross tonnage of just under million long tons.

The expansion project

During the past few decades there has been a significant increase in international maritime trade. For instance, the volume of loaded freight has almost tripled since 1990. In response to this growing demand and following popular endorsement through a referendum carried out in 2006, the Panama Canal Authority approved the construction of a third set of locks, as part of an expansion project to allow for the transit of larger ships. This new structure was inaugurated in 2016 and has since contributed to a mostly steady increase in annual cargo transported. Container ships made up the largest share of traffic through the New-Panamax locks in 2021.