A Boeing 747-238, N706CK, operating as a supplemental cargo flight, collided with the approach lights on landing at the Tocumen International Airport, Panama City, Panama. Instrument meteorological conditions were reported by the pilot-in-command at the time of the accident, and an instrument flight plan was filed. The airplane sustained substantial damage. The airline transport pilot-in-command, airline transport first officer, flight engineer, and a mechanic were not injured. The flight originated from Los Angeles, California, about 5 hours 50 minutes before the accident. The pilot stated he was on approach to runway 03, ceiling ragged, in heavy rain with a thunderstorm over the airport. The runway approach lights became visible about 1 1/2 miles from the runway descending through 300 feet, and the touchdown zone became visible descending through 200 feet. The stick shaker came on at 100 feet, power was added immediately, and the stick shaker went off. The sink rate increased, and power was advanced to the stops. The airplane collided with approach lights about 230 feet from the runway.