But what does it mean? As Wikipedia says:
"Panamax" ships are of the maximum dimensions that will fit through the locks of the Panama Canal. This size is determined by the dimensions of the lock chambers, and the depth of the water in the canal. An increasing number of ships are built precisely to the Panamax limit, in order to transport the maximum amount of cargo in a single vessel.
So Panamax is a portmanteau of 'Panama' and 'maximum'.
Ships larger than 'Panamax' are often known as 'post-Panamax', which I also think has a nice ring to it.