Khaberni - The Panama Canal Authority said that additional costs for ship crossings reached $4 million in one case, with the ongoing closure of the Strait of Hormuz, causing a significant shift in global trade routes.
While transit through the Panama Canal is usually available for a fixed fee through advance booking, companies without a reservation can pay extra amounts through auctions where priority is given to the highest bidder, instead of waiting for days off the coast of Panama City.
In recent weeks, these costs have risen significantly amid the closure of the Strait of Hormuz, prompting more ships to reroute towards the Panama Canal and increasing the flow of traffic through it.
Rodrigo Noriega, a lawyer and analyst in Panama City, said that the Panamanian government is seeking to maximize the canal's revenues.
Basic transit fees through the Panama Canal typically range from $300,000 to $400,000 depending on the type of ship. Previously, companies would pay between $250,000 and $300,000 extra to secure priority passage, but these fees have jumped in recent weeks to about $425,000 on average.
Meanwhile, Canal Director Ricaurte Vásquez revealed that one company, which was not named, paid an additional $4 million after its fuel-loaded ship had to change its route due to geopolitical tensions. Other oil companies paid about $3 million above the basic transit fees to expedite the passage of their ships, amid rising oil prices.
