Transit fees for the Panama Canal have reached a record high: the main reasons
23 April 15:11
The war in Iran has caused a sharp rise in the cost of transiting the Panama Canal. Due to disruptions in traditional oil and gas supply routes, Asian buyers are shifting en masse to supplies from the U.S., which has already led to record demand for transit slots.
This is reported by "Komersant Ukrainian", citing the Financial Times.
“According to Argus Media, the average auction price for a transit slot for Panamax-class vessels reached $837,500. This is nearly ten times higher than before the conflict began. In some auctions, the cost of transit for large vessels rose to $4 million in April,” the report states.
The cause was the disruption of supplies from the Persian Gulf following the closure of the Strait of Hormuz. As a result, traders and oil refining companies are seeking alternative sources of raw materials, primarily along the U.S. Gulf Coast. The shortest route to Asia runs through the Panama Canal.
The rise in demand has already created queues. The average waiting time for tankers to pass through has increased to 4.25 days, the highest level in the past six weeks. Some companies are forced to pay millions of dollars in extra fees to avoid delays.
Experts believe that the rising cost of transit will increase pressure on global prices for oil, gas, and fuel. Logistics costs for international trade will also rise, which could affect the cost of goods in many countries.
The Panama Canal Authority stated that the system is operating normally and that the record prices are a result of market demand, not an increase in official tariffs.
It should be noted that, according to the Pentagon, the demining of the Strait of Hormuz, which could take up to six months, is capable of keeping oil and gasoline prices high for an extended period.
