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14.08.26 - 20:00
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Panama Canal Fees Hit Record As El Nino, Hormuz Crisis Choke Global Shipping (ZeroHedge)
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Panama Canal Fees Hit Record As El Nino, Hormuz Crisis Choke Global Shipping
Panama Canal transit auction prices have surged to record highs this summer as an intensifying El Niño and disruptions in the Strait of Hormuz upend global shipping routes.
A Bloomberg report Friday morning said a supertanker paid a record $4.6 million at auction to bypass the growing queue and secure an earlier transit slot next week. The spike in canal fees and vessel wait times threatens to further raise freight costs, reinforcing growing concerns about inflationary pressures across global supply chains.
Daily auctions for August passage through the canal's busiest locks have averaged about $1.1 million, more than 16 times the average during the same period last year, according to the Financial Times, citing Argus Media. Recent auctions for the larger locks averaged a record $2.5 million.
Bloomberg said that the liquefied petroleum gas supertanker G. Arete paid a staggering $4.6 million to skip the line, topp...
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12.08.26 - 14:42
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Panama canal fees soar due to Iran war and El Niño as ship ′pays $4m to jump queue′ (The Guardian)
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Falling water levels linked to weather system are expected to limit number of slots to transit shipping laneBusiness live – latest updatesCommercial ships travelling through the Panama Canal are facing a rise in costs amid disruption triggered by the Iran war and falling water levels linked to this year's intense El Niño weather system.Highlighting the fragility of global trade, a container ship reportedly paid about $4m (£3m) to jump a queue of vessels waiting to pass through the vital maritime choke point. Continue reading......
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28.06.26 - 13:48
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Panama Canal Sees Revenue Boost Amid Iran Conflict (Bloomberg)
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The ongoing conflict involving Iran has indirectly benefited Panama as more ships seeking alternative routes to transport commodities globally, following disruptions in the Strait of Hormuz. Former vice foreign minister of Panama and senior adviser at the Center for Strategic Studies Carlos Ruiz-Hernandez joins Bloomberg This Weekend and explains to hosts David Gura and Christina Ruffini how the Panama Canal Authority is proactively managing the surge by anticipating risks and preparing to handle near-capacity traffic. (Source: Bloomberg)...
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