""With all the bombings, the missiles, the drones ... companies are saying it's safer and less expensive to cross through the Panama Canal. All of this is affecting global supply chains.""
""The average price to cross through the canal ranges between $300,000 and $400,000 depending on the vessel. In recent weeks, the average additional cost has jumped to around $425,000.""
""Normally, about 6% of global trade passes through the Panama Canal, which connects the Atlantic and Pacific oceans in Central America.""
Recent tensions in the Strait of Hormuz have led to a surge in demand for Panama Canal passage, with businesses paying up to $4 million for last-minute plans. Companies are opting for the canal to avoid risks associated with the Iran conflict, resulting in auction prices for slots increasing significantly. The average cost to cross the canal has risen, with additional fees now averaging around $425,000. The canal plays a crucial role in global trade, connecting major shipping routes between the Atlantic and Pacific oceans.
Read at Fortune
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