The Man in the Panama Hat, or simply Panama Hat, was a ruthless antiquities collector and businessman who earned his nickname from the style of hat he wore. When Indiana Jones was only a boy in 1912, men working for Panama Hat stole the Cross of Coronado. Panama Hat was obsessed with Coronado, and believed that the cross belonged in his private collection, rather than in a museum. Indy believed otherwise.
Many years later, in 1938, the adult Indy tracked Panama Hat and the cross down to the businessman's private ship, the Coronado. During a fierce storm, Panama Hat ordered his henchmen to throw Jones overboard, and a fight ensued during which Jones finally reclaimed the cross. A wave knocked off one of the Coronado's smokestacks, causing it to blow up. Jones escaped, but the Man in the Panama Hat and all of his henchmen died in the explosion.