Traffic through the Panama Canal has increased significantly, with around 300 additional ships transiting the key waterway since October compared to the same period last year, according to the canal authority’s finance chief.
Victor Vial said the upward trend is expected to persist until tensions in the Middle East ease, News.Az reports, citing Reuters.
The rise in vessel traffic follows the closure of the Strait of Hormuz, prompting commercial ships to reroute their journeys. Many are now passing through the Panama Canal while transporting goods that have either been redirected or sourced from alternative markets to avoid routes near Iran.
Transit costs through the canal typically range between $300,000 and $400,000 depending on the size and type of vessel.
However, The Associated Press reported earlier this week that some ships are paying as much as $425,000 in additional fees to secure last-minute transit slots through the busy passage.
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