Source: Panama Canal Authority. Canal transit services include booking, inspection, security charges, appointment (for a reserved transit slot), and tug assistance fees.
Tolls account for about 70% of the revenue of the Panama Canal Authority (PCA), with another 25% related to canal transit services. Since its formal autonomy in January 2000, the tolls levied by the PCA have steadily increased at a rate faster than the handled tonnage, implying an increase in the toll revenue per transited ton. By the early 2010s, toll revenues per ton peaked as capacity constraints became more prevalent and shipping lines optimized their use of Panamax ships.
The opening of the new set of locks in 2016 led to a surge in toll revenue due to the additional tonnage transited. Still, revenue per ton was declining for tolls and transit services as shipping lines took advantage of the additional economies of scale by larger ships able to transit. In 2022, the PCA implemented a new toll structure to be gradually deployed until January 2025, which substantially increased toll revenues per transited ton. During the capacity shortages created by the 2023-2024 drought, toll revenues declined, but toll per ton surged as yield management strategies were implemented and adjustments made to account for higher inflation. This is reflected in the surge of transit services revenue per ton, which allowed the Panama Canal to increase its revenue in 2024 despite a notable decline in transits.
As of 2024 (according to PCA financial statements), the PCA levied 3.18 billion USD in tolls and another 1.66 billion USD in canal transit services. Reported profits were at 3.44 billion USD, 68.9% of total revenues.