Panama's value in the campaign is positional rather than financial. Holding it cuts the Spanish Empire's American territories into two operational areas. Armies moving to reinforce either side must pass the occupying position. Control of the narrow transit zone can therefore obstruct reinforcement even though the territory produces little revenue.
Notable Point · 41:34-42:07
Panama as an imperial chokepoint
Holding Panama in the campaign places an occupying army across Spain's reinforcement route between its American territories.