The ongoing war in the Middle East has led to a significant increase in demand for cargo movement through the Panama Canal, resulting in a surge in payments for vessels to skip the line and avoid waiting periods.
According to an official report, one liquefied natural gas vessel paid $4 million to bypass the queue, which can take up to five days, since the US-Israeli attacks on Iran began on February 28.
The blockade of the Strait of Hormuz, a critical waterway for one-fifth of the world's oil and natural gas exports from Gulf countries, has led to Asia's refineries opting to buy oil or gas from the United States and ship it through the transoceanic waterway.
The Panama Canal Authority reported that the average number of ships passing through the canal on a daily basis has remained strong, with 34 ships in January and 37 ships in March.
The most recent auction included a $4 million bid for an LNG vessel, and in recent weeks, two oil tankers exceeded bids of $3 million.
Past average auction prices between October and February stood at around $130,000, and rose to $385,000 in March and April.
The Panama Canal recorded passage of 6,288 ships in the first half of the 2026 fiscal year, a year-on-year increase of 3.7 percent.
