The Panama Canal recorded a 2.8% increase in vessel transits during the first four months of its fiscal year through January, according to an internal analysis by the Panama Canal Authority seen by Reuters on Friday.

The report said traffic growth was largely driven by tankers transporting energy products such as liquefied natural gas (LNG), as well as car carriers and dry bulk vessels.

A total of 4,156 ships passed through the canal during the four-month period, an increase of 114 vessels compared with the same period a year earlier. The authority said the rise reflects steady demand despite global trade volatility, new tariffs and rising geopolitical tensions.

“Tanker transits increased by 11.2%, mainly due to higher shipments from the United States,” the report said. It added that demand for fuels and methanol from countries such as South Korea, Mexico and Guatemala helped drive the growth, supported by trade agreements and tariff reductions.

Analysts also expect more ships carrying U.S. liquefied natural gas to use the canal to reach Asian markets if disruptions continue in the Strait of Hormuz amid the ongoing U.S.-Iran conflict, which has already forced some vessels to change routes.

The Panama Canal Authority said the waterway continues to operate in a stable and reliable manner despite geopolitical uncertainties, gradually increasing the number of daily transits while maintaining consistent service for customers.

While the authority did not provide detailed data related to the recent U.S.-Iran conflict, it said it is closely monitoring developments in global maritime trade.