CMA CGM vs MSC vs Hapag-Lloyd: Panama Canal Fee Comparison

On 20 August the Panama Canal Authority postponed both remaining draft cuts and reduced daily transit slots instead. The 48.0 ft draft limit took effect on 2 September and is current. On 4 September the ACP postponed the deeper 47.5 ft cut indefinitely, leaving 48.0 ft in force until further notice.

• The binding constraint has shifted from draft to slots: daily transits fell from 36 to 34 effective 3 September (9 Neopanamax + 25 Panamax), then to 32 effective 15 September (9 Neopanamax + 23 Panamax).

• From 3 September, the Neopanamax auction slot is split into four cargo-type groups: LNG/LPG; Dry Bulk/General Cargo; Container/Vehicle/Reefer; Chemical/Crude Tankers.

• The ACP’s August operations summary reports an average of 33.19 oceangoing transits per day for August.

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This matters for every fee on this page, because every one of them was justified by the draft schedule that has just moved. CMA CGM’s US$500/TEU was announced, in ICIS’s reporting, because “the Panama Canal Authority is lowering draft limits at neopanamax locks beginning 26 August.” MSC cited “ongoing draft restrictions.” Hapag-Lloyd cited “latest developments concerning draft limitations.”

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The 26 August cut those fees were priced against took effect on 2 September, and the deeper 47.5 ft cut was postponed indefinitely on 4 September. So the live question is whether any carrier revises its quantum or effective date in response.

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As of 11 September 2026, no carrier has publicly revised a Panama Canal surcharge following the postponements. We are asking all four directly and will update this page when we have answers. If your carrier rep tells you something different, we would like to know.

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Two things to hold in mind when you explain this to a customer. The draft relief has held — 48.0 ft is current and the deeper cut is off the calendar for now. And the transit-slot cuts are arguably the harder constraint to plan around, because they reduce the number of sailings available rather than the payload on each one.

Verified as at 11 September 2026. ONE and Hapag-Lloyd rows are from those carriers’ own published notices; MSC and CMA CGM rows are from trade-press reporting of carrier advisories.

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Sourcing note: the ONE and Hapag-Lloyd rows come from those carriers’ own published notices — the strongest sourcing on this page. The MSC and CMA CGM rows come from trade-press reporting of carrier advisories we could not retrieve directly — accurate as far as we can establish, but one step further from the source. Maersk and COSCO are listed because we checked them and could not establish a position, not because they have none.

This conflict is now historical. From 10 September, CMA CGM’s confirmed PCAF is US$500/TEU, and that is the rate to use for any current quotation. What follows concerns only the pre-10 September period.

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Two credible sources disagree on what CMA CGM charged before 10 September, and we have not been able to settle it against CMA CGM’s own tariff:

• Future Forwarding (30 July 2026): “$320 per TEU charge on cargo moving to the US East and Gulf Coasts, effective July 25.” The same article also gives MSC’s rate as $100 per TEU, which corroborates the figure used below.

• Supply Chain Dive (18 August 2026): gives CMA CGM’s prior rate as US$100/TEU.

It is possible both are right and describe different tranches — CMA CGM may have moved from $100 to $320 to $500 — but we have not confirmed that, so we are not going to assert it. The tables above and below use $320 and flag it, because it is the more specific and more precisely dated of the two claims. If your CMA CGM rep confirms either figure, that resolves it.

Where this changes the answer: if the rate was $100/TEU rather than $320/TEU, CMA CGM was the cheapest option from 25 July to 18 August and tied with MSC from 19 August to 9 September. It does not change any ranking from 10 September onwards.

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The Per-TEU Question — and Why It Matters Less for Ranking Than for Budgeting

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CMA CGM, Hapag-Lloyd, and ONE quote their fee per TEU. MSC’s US$100 charge is per TEU through 11 September; from 12 September MSC switches to fixed per-container rates of US$149/20ft, US$297/40ft and US$376/45ft.

None of their public notices states whether a 40ft box is charged once or twice. That ambiguity is real, and you should resolve it with your rep before quoting a customer.

But it affects your absolute cost far more than it affects which carrier is cheapest. Because all four use the same “per TEU” wording, whichever convention applies multiplies all of them equally — so the ranking holds either way. Worked for a 40ft box from 19 August to 9 September:

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• If a 40ft is charged once: MSC $100, Hapag-Lloyd $130, ONE $150, CMA CGM $320.

• If a 40ft is charged as 2 TEU: MSC $200, Hapag-Lloyd $260, ONE $300, CMA CGM $640.
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For the current comparison, a 40ft box from 12 September: Hapag-Lloyd US$130/TEU; ONE US$150/TEU; CMA CGM US$500/TEU; and MSC at a fixed US$297 per 40ft container.

Same order both ways. The one place the convention does bite is from 12 September, when MSC switches to fixed per-container rates that do not scale — but even there Hapag-Lloyd comes out cheapest on both readings ($130 or $260 against MSC’s $297).

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So: use the ranking with confidence, and resolve the basis before you put a number in front of a customer.

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Dates below are gate-in and effective dates, not sailing dates. For the current window, MSC is cheapest through 11 September at US$100/TEU; from 12 September onward, Hapag-Lloyd is cheapest at US$130/TEU.
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Two observations worth more than the ranking itself. Hapag-Lloyd is cheapest from 12 September onward and is the only carrier of the four with no announced next increase — which also makes it the one most exposed to a sudden change, since “until further notice” offers no protection. And MSC’s move on 12 September is the largest single jump on this page: from $100/TEU to $297 for a 40ft box.

Exclusions and Carve-Outs
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• CMA CGM excludes Bangladesh to US East Coast cargo from the PCAF.
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• CMA CGM applies a separate, lower charge to Central American and Caribbean destinations. This is not a discount on the PCAF — it’s a distinct Panama Canal Transit Surcharge of US$250/TEU for Far East to Central America East Coast, Caribbean, Leewards, Windwards, Mexico East Coast and Guyana; Manaus only in Brazil. It is a separate fee from the PCAF. Effective 26 August, and 6 September for US territories and Colombia. If you move cargo on those lanes, this is the applicable fee, not the US$500 PCAF.
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• ONE excludes Puerto Rico from the TPEB trade area to which the PCT applies, and applies the fee only to EC1, EC2, and EC4 services routing via the canal. ONE’s notice adds that “services routing via the Panama Canal are subject to change” — so applicability can move even if the rate does not.
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• MSC and Hapag-Lloyd have published no lane, cargo, or equipment exclusions. Hapag-Lloyd’s notice states the fee applies to “all equipment types.” Absence of a published exclusion is not a guarantee — confirm for reefer, out-of-gauge, hazardous, or transshipment routings.
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• No carrier has published port-level variation. All four describe US East Coast and Gulf ports as a single bloc, with no differentiation between Savannah, New York/New Jersey, or Houston.

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How These Stack With GRIs, BAFs, and Fuel Surcharges

The Panama Canal surcharge does not replace other adjustment mechanisms. It sits on top of them.

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General rate increases: As of 11 September 2026, none of the four carriers has published a formally dated GRI for the Asia to US East Coast and Gulf lane for September or October. Freightos reported in its 19 August update that Asia–USEC spot rates had risen 3% to a new high of $9,400/FEU on its FBX03 index, and that carriers were layering Panama-related transit surcharges of $200–$1,000/FEU into spot pricing from mid-September. That is market commentary on spot pricing, not a named carrier notice — treat it as directional pressure, not a number you can quote.

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One caution on rate figures generally: three Asia–USEC benchmarks are in circulation this week and they are not interchangeable. Freightos FBX03 has $9,400/FEU (18 Aug), Drewry’s WCI has Shanghai–New York at $9,507/40ft (20 Aug), and FreightWaves has cited $10,527 (24 Aug), against $7,193 for US West Coast — a reported 42% rise since the start of the Iran war, alongside near-record ~1.9 million TEU handled at LA/Long Beach in July. Different baskets, not contradictions — but name the index when you quote one.

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Bunker and fuel: All four carriers run separate bunker or fuel surcharge programs. These are a distinct line item and do not substitute for the Panama Canal fee. Freightos also flagged bunker prices up roughly 15% since the ceasefire collapse, with some carriers expected to add around $90/FEU in emergency fuel surcharge from mid-September.

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When you build a landed-cost estimate, budget the Panama Canal surcharge, the standard BAF, and a possible emergency fuel surcharge as three separate stackable items, not one blended number.

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• Resolve the per-TEU basis in writing before you quote. For any carrier quoting “per TEU,” get written confirmation of what a 40ft box is charged. This is the single largest source of quoting error on this lane.

• Ask your carrier whether the ACP postponements change anything. Every fee here was priced against a draft schedule that has moved twice. No carrier has revised publicly. Your rep may know more than the public record does.

• Re-check quotes for October loadings. CMA CGM changed on 10 September and MSC changes basis and rates on 12 September; anything quoted against the earlier rates is exposed.

• Treat the slot cuts as the binding near-term constraint: 34 daily transits from 3 September and 32 from 15 September. The 47.5 ft draft cut was postponed indefinitely on 4 September. Capacity is the thing to plan around, not draft.

• Check the Bangladesh–USEC and Central America/Caribbean carve-outs if they apply to you. They are the only confirmed lane-level exceptions, and they are carrier-specific.

• Do not assume Maersk or COSCO have no fee. We could not establish a position for either. Absence of evidence here is not evidence of absence — confirm directly.

1. Which carrier has the cheapest Panama Canal surcharge right now?

As of 11 September 2026, MSC at US$100/TEU is cheapest through 11 September. From 12 September, Hapag-Lloyd at US$130/TEU becomes cheapest; ONE is US$150/TEU and CMA CGM is US$500/TEU.
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2. Does a “per TEU” fee mean a 40ft container pays double?

None of the carriers quoting per-TEU rates states this in its public notice. It is a genuine ambiguity in the carriers’ own communications, and it doubles your cost if you assume wrong. It does not change which carrier is cheapest, because all four use the same wording — but confirm it in writing before quoting a customer.

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3. Have the ACP draft postponements changed these surcharges?

Not as of 11 September 2026. The 48.0 ft draft limit took effect on 2 September, and the ACP postponed the deeper 47.5 ft cut indefinitely on 4 September. Daily transit slots were cut to 34 on 3 September and are scheduled to fall to 32 on 15 September. As of 11 September, none of the four carriers has publicly reduced or postponed its surcharge in response.

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4. Is Hapag-Lloyd’s US$130 per TEU going to increase?

There is no announced increase. But unlike CMA CGM and MSC, which have both published their next rate change, Hapag-Lloyd’s fee is listed as valid until further notice with no stated review date. It is the cheapest from 12 September and also the least predictable of the four.

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5. Do Maersk or COSCO charge a Panama Canal surcharge?

We could not establish a position for either as of 11 September 2026. No Panama Canal surcharge was found on Maersk’s public advisories, and COSCO’s notice page could not be read directly. Neither is confirmation that no fee exists — confirm with your rep.

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6. Do these fees include fuel costs?

No. All four carriers run separate bunker adjustment factor or fuel surcharge programs that stack on top of the Panama Canal fee. Budget them as distinct line items, and allow for an emergency fuel surcharge on top of both.

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7. Should I expect a GRI on top of these surcharges?

None of the four has published a formally dated GRI for Asia–USEC/Gulf for September or October 2026. Spot-market reporting shows rates rising and informal Panama-related premiums appearing in spot pricing, but that is commentary rather than a carrier notice. Confirm with your rep rather than assuming either way.

• ONE — Notice of Surcharge Update: Panama Canal Transit Fee (PCT), 30 Jul 2026

• Hapag-Lloyd — Panama Canal Surcharge, Far East to North America

• Panama Canal Authority — Additional measures to address reduced precipitation, 20 Aug 2026

• Panama Canal Authority — Temporary booking system adjustments (Advisory A-30-2026, 28 Aug 2026)

• Panama Canal Authority — Postponement of Neopanamax draft adjustment (Advisory A-33-2026, 4 Sep 2026)

• CMA CGM — Price and surcharge updates

• CMA CGM — Low Water Surcharge (LWS), notice 5589, 4 Sep 2026

• Seaboard Marine — Panama Canal Low Water Surcharge, effective 4 Oct 2026

• MSC — Panama Canal surcharge, Med/North Europe to USA/Canada/Mexico, notice dated 2 Sep 2026

• ICIS — CMA CGM to add $500/TEU Panama Canal fee from 10 September, 12 Aug 2026

• Supply Chain Dive — Panama Canal continues draft restrictions, ocean carriers up fees, 18 Aug 2026

• Future Forwarding — Panama Canal draft limits trigger new carrier surcharges, 30 Jul 2026

• Container News — CMA CGM updates Panama Canal surcharge on Far East trades, 19 Aug 2026

• gCaptain — Panama Canal to cut daily transits as optimistic water outlook fades, 21 Aug 2026

• Freightos — Congestion playing a bigger role in container rates, 19 Aug 2026

• Drewry — World Container Index, 20 Aug 2026

• FreightWaves — Panama Canal new capacity cuts put US ports on notice, 24 Aug 2026

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Changelog  
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• Sep 11, 2026 (revision 4) — Updated this comparison to the 11 September carrier and canal position.
  • Corrected the draft status: 48.0 ft is current and the deeper 47.5 ft cut was postponed indefinitely on 4 September.
  • Updated daily transit slots to 34 from 3 September and 32 from 15 September, and retained the four-way Neopanamax auction split.
  • Updated CMA CGM's PCAF to $500/TEU effective 10 September and retained the contested historical $320 vs $100/TEU figure only for the pre-10 September period.
  • Updated MSC's $100/TEU period through 11 September and its revised $149/$297/$376 per-container rates from 12 September.
  • Confirmed Hapag-Lloyd at $130/TEU and ONE at $150/TEU.
  • Updated the CMA CGM $250/TEU Latin America Transit Surcharge scope and added the latest September source material.
  • Reframed the article's current-date ranking and FAQ around 11 September 2026.
  • Checked Maersk and COSCO as unestablished rather than treating them as confirmed absent.
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  25 Aug 2026 (revision 3)
  • Corrected the transit-slot effective date back to 3 September, per the Panama Canal Authority's own announcement, which states this explicitly. Revision 2 changed this to 4 September and recorded that as a correction; the original 3 September date was right, and revision 2's change was an error introduced by relying on trade coverage that conflates the transit-slot effective date with the date reservations for that allocation open (21 August, for 4 September bookings).
  • Corrected the Container News source link, which pointed to that outlet's US-trades article rather than the Far East/Latin America piece that actually carries the $250/TEU surcharge.
  • Corrected the attribution for MSC's per-TEU basis: the second independent source is Future Forwarding (30 July), not a second Supply Chain Dive article as previously stated — no 12 August Supply Chain Dive piece exists.
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  25 Aug 2026 (revision 2)
  • Added ONE ($150/TEU, 10 Aug) from the carrier's own notice.
  • Corrected MSC's pre-12 September rate from "per container" to per TEU.
  • Flagged the unresolved conflict on CMA CGM's pre-10 September rate ($320 vs $100/TEU).
  • Added CMA CGM's separate Central America/Caribbean Panama Canal Transit Surcharge ($250/TEU) to exclusions.
  • Replaced the editorial footnote on the ACP postponement with a full leading section.
  • Rebuilt the ranking table to show that per-TEU ambiguity does not change carrier order.
  • Added Maersk and COSCO as checked-but-unestablished.
  • Added index-basis caution on Asia–USEC spot figures.
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  25 Aug 2026 (revision 1)
  • Initial publication as a three-carrier comparison of CMA CGM, MSC, and Hapag-Lloyd.
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Quote It Once, Not Four Times

The ranking on this page will not survive the quarter. CMA CGM moved on 10 September, MSC moves on the 12th, and the ACP has a further slot cut on 15 September. The work is not knowing which carrier is cheapest — it is making sure the number in every open quotation matches the week the cargo actually gates in. Centralised rate and surcharge management handles that in one update instead of a manual sweep.

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Want to see it on your own lanes? Book a demo and ask to see a mid-month surcharge change flow into open quotes without anyone re-keying a rate sheet. Or start with the numbers — Shipthis pricing is $89 per user per month, every module included.

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Related reading: Panama Canal Surcharges 2026: Full Carrier Guide · Why Panama Canal Draft Restrictions Raise Freight Costs