Panama City is 6 hours behind Hamburg
Best overlap: 2:00 PM to 6:00 PM in Hamburg is 8:00 AM to 12:00 PM in Panama City.
Hamburg and Panama City overlap from 2:00 PM to 6:00 PM (Hamburg) to the equivalent 8:00 AM to 12:00 PM in Panama City — that's your meeting window. Panama City is 6 hours behind Hamburg, leaving about 4 hours of shared hours — plan recurring calls early in that window to leave buffer. A quick caveat — Hamburg's clocks move for daylight saving and Panama City's don't, so the times here are right for only part of the year.