Panama City is 4 hours ahead of Anchorage
Best overlap: 8:00 AM to 2:00 PM in Anchorage is 12:00 PM to 6:00 PM in Panama City.
Anchorage and Panama City overlap from 8:00 AM to 2:00 PM (Anchorage) to the equivalent 12:00 PM to 6:00 PM in Panama City — that's your meeting window. 6 hours of shared hours is more than enough — slot meetings wherever they're most convenient for the people involved. One seasonal catch: Anchorage springs forward and falls back, but Panama City doesn't, so the gap changes by an hour for several months of the year.