Anchorage is 4 hours behind Panama City
Best overlap: 12:00 PM to 6:00 PM in Panama City is 8:00 AM to 2:00 PM in Anchorage.
The hours that work for both Panama City and Anchorage are 12:00 PM to 6:00 PM (Panama City) and 8:00 AM to 2:00 PM (Anchorage). You won't be short on options — 6 hours of overlap leaves space for recurring syncs and ad-hoc calls alike. Note the seasonal wrinkle: when Anchorage is on daylight saving and Panama City isn't, the gap between them grows or shrinks by an hour.