Panama Canal Hits 39 Daily Transits as Hormuz Blockage Lifts Fees to $380,000
Updated
Updated · The Wall Street Journal · May 11
Panama Canal Hits 39 Daily Transits as Hormuz Blockage Lifts Fees to $380,000
14 articles · Updated · The Wall Street Journal · May 11
April traffic through the Panama Canal averaged 39 daily transits, the highest level in more than three years, as disrupted Middle East flows pushed Asian buyers toward oil from the Americas.
Tanker movements through the panamax locks reached 313 in April, up 14% from March and 50% above the monthly average before the war.
LNG carriers also rose to 12 crossings in April — a three-year high — driven by import demand from Japan and South Korea.
Average crossing fees climbed to about $380,000 per ship, nearly six times prewar levels, because canal tolls rise with demand and priority slots are auctioned in busy periods.
Beyond record canal fees, what is the true global cost of rerouting the world's vital supplies?
As Hormuz remains blocked, can the Panama Canal's record traffic avert a global energy collapse?