The cost of passing ships through the Panama Canal has surged to a…
The cost of passing ships through the Panama Canal has surged to a record $1.1 million on average, driven by reduced water levels due to El Niño and increased shipping traffic from the closure of the Strait of Hormuz amid U.S.-Iran tensions.
Consensus
- The average cost of daily auctions for transit through the Panama Canal reached $1.1 million in August.
- This is more than 16 times higher than the same period in the previous year.
- The price increase is attributed to both the closure of the Strait of Hormuz due to U.S.-Iran conflict and climate change effects, particularly El Niño.
- Water levels in the Panama Canal have decreased, with the allowable level dropping to 14.4 meters by mid-September.
- The number of ships waiting to pass through the canal increased from 40 in early January to about 113 by August.
- Prices for individual auctions on Neopanamax and Panamax ship slots reached $3.78 million and $2.63 million respectively.
Points of divergence
- Around 30% of traffic is now determined by auction results, whereas previously companies could book passage in advance at reduced rates. — kommersant
- In April 2026, shipments of oil and petroleum products through the Panama Canal increased by 74% compared to the average level in 2025. — vesti
Coverage (3 sources)
- FT: Shipping transit through the Panama Canal has become 16 times more expensive due to Iran and climate — Коммерсантъ
- Cost of ships passing through the Panama Canal reached record levels — Интерфакс
- Average price of a vessel's passage through the Panama Canal exceeded record $1 million — Вести