🔻«Disruption in the Strait of Hormuz breaks the record for the cost of ships transiting the Panama Canal»

Reuters, in a report, says that disruption to shipping in the Strait of Hormuz, following the war between the United States and Israel with Iran, has shifted energy trade routes and led to a sharp increase in demand to transit the Panama Canal; so that a shipping company paid more than five million dollars in bid rights to ensure the passage of a liquefied gas-carrying vessel.

According to Reuters, this amount is separate from Panama Canal’s usual fees and is considered a new record for the cost of securing transit through this waterway. Before disruption intensified in the Middle East, bid offers to transit the canal were usually about $135,000 to $140,000.

Since the start of U.S. and Israeli attacks on Iran in late February, some vessels carrying oil, oil products, and liquefied gas have been diverted to alternative routes to bypass disruptions in the Strait of Hormuz.

LSEG data shows that the average daily transits through the Panama Canal between March and May reached about 44 ships; while the average in 2025 was about 37 ships per day.

This increase in demand comes as Panama Canal authorities plan to reduce the number of daily ship transits in September to 32 to 34 vessels due to water shortages—an issue that could further increase global transportation costs.

According to Reuters, recent developments show that disruption in a strategic passage such as the Strait of Hormuz can affect shipping costs and routes even thousands of kilometers away, including via the Panama Canal.