Since the 1990s, the growth of transpacific trade has substantially impacted port dynamics around the Panama Canal. Most of the growth occurred within Panama and was driven by three vectors of maritime connectivity. The first is the connectivity provided by the Panama Canal, allowing the continuity of deep-sea maritime shipping services. The second and third vectors of connectivity relate to the transshipment functions performed on both the Pacific and Caribbean facades of the canal.
In the 20th century, the Colon port cluster was the main center of activity, but primarily as a domestic port serving the Colon Free Trade Zone. However, in the early 2000s, the growth of transshipment cargoes enabled Balboa to become a new hub, growing on par with Colon and becoming one of the two most important transshipment hubs in the region. The expansion of the Panama Canal in 2016 enabled the Colon cluster to grow more quickly.
Transshipment activity is not limited to Panama; neighboring ports also compete for the business. Cartagena became a major transshipment hub in the late 2000s, in part due to its access to the Caribbean and national markets. Other main ports, such as Buenaventura and Puerto Limón (Limon Moin), grew organically with the dynamism of their hinterlands but can offer transshipment opportunities.