structural:reformatting, quality:corruption, quality:correction
Efficiency and maintenance

Opponents to the 1977 Torrijos-Carter Treaties feared that efficiency and maintenance would suffer following the U.S. withdrawal from the Panama Canal Zone; however, this has been proven not to be the case. In 2004, it was reported that canal operations, capitalizing on practices developed during the American administration, were improving under Panamanian control. Canal Waters Time (CWT), the average time it takes a vessel to navigate the canal, including waiting time, is a key measure of efficiency; in the first decade of the 2000s, it ranged between 20 and 30 hours, according to the ACP. The accident rate has also not changed appreciably in the past decade, varying between 10 and 30 accidents each year from about 14,000 total annual transits. An official accident is one in which a formal investigation is requested and conducted.

Increasing volumes of imports from Asia, which previously landed on US West Coast ports, are now passing through the canal to the American East Coast. The total number of ocean-going transits increased from 11,725 in 2003 to 13,233 in 2007, falling to 12,855 in 2009. (The canal's fiscal year runs from October through September.) This has been coupled with a steady rise in average ship size and in the numbers of Panamax vessels passing through the canal, so that the total tonnage carried rose from 227.9 million PC/UMS tons in fiscal year 1999 to a then record high of 312.9 million tons in 2007, and falling to 299.1 million tons in 2009. Tonnage for fiscal 2013, 2014 and 2015 was 320.6, 326.8 and 340.8 million PC/UMS tons carried on 13,660, 13,481 and 13,874 transits respectively.

In the first decade after the transfer to Panamanian control, the Panama Canal Authority (ACP) invested nearly US$1 billion in widening and modernizing the canal, with the aim of increasing capacity by 20 percent. The ACP cites a number of major improvements, including the widening and straightening of the Culebra Cut to reduce restrictions on passing vessels, the deepening of the navigational channel in Gatun Lake to reduce draft restrictions and improve water supply, and the deepening of the Atlantic and Pacific entrances to the canal. This is supported by new equipment, such as a new drill barge and suction dredger, and an increase of the tug boat fleet by 20 percent. In addition, improvements have been made to the canal's operating machinery, including an increased and improved tug locomotive fleet, the replacement of more than 16 km (10 mi) of locomotive track, and new lock machinery controls. Improvements have been made to the traffic management system to allow more efficient control over ships in the canal.

In December 2010, record-breaking rains caused a 17-hour closure of the canal; this was the first closure since the U.S. invasion of Panama in 1989. The rains also caused an access road to the Centenario Bridge to collapse.