'Panzer' was a U-boat wolfpack operation in the Atlantic (23 November/11 December 1942).

The wolfpack comprised U-135, U-211, U-254, U-439, U-445, U-465, U-524, U-611, U-623, U-663 and U-758, and for the loss of Kapitänleutnant Hans Gilardone’s U-254 and Kapitänleutnant Walter Freiherr von Steinaecker’s U-524 sank only the 8,194-ton British Empire Spenser of the HX.217 convoy on 8 December.