Tensions with Iran and the de facto closure of the Strait of Hormuz are causing fundamental changes in global trade routes. Victor Vial, Chief Financial Officer of the Panama Canal Authority (ACP), announced that the number of ships passing through the canal since October has increased by approximately 300 compared to the same period last year.
“Elchi” reports that, speaking to Reuters, Vial stated, “We expect this trend to continue until the situation in the Middle East is resolved.” It is reported that commercial vessels are diverting their routes to the Panama Canal to avoid risky areas off the Iranian coast and to cope with the congestion in the Strait of Hormuz.
Transit fees reached record levels
The increased demand for the Panama Canal due to the crisis in the Strait of Hormuz has also driven up transit costs.
The system and costs applied in the canal are as follows:
The average fee paid for a ship to pass through the canal varies between $300,000 and $400,000 depending on the type of ship. Ships that have not booked in advance and do not want to wait participate in daily auctions.
The Associated Press (AP) reported that some ships paid an additional $425,000 to secure passage rights at the last minute.
It was noted that some fuel tankers paid astronomical amounts of up to $4 million in addition to the normal fee to reach their destinations urgently.
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