Global logistics flows are being significantly disrupted as the Strait of Hormuz, a key maritime route in the Middle East, has effectively been blocked due to fallout from the Iran war. Vessels from around the world are converging on the Panama Canal as an alternative route, intensifying competition to pass through.
"$4 Million to Cut the Line"... Panama Canal "Overheated"
According to Bloomberg, Reuters and other foreign media outlets on the 17th, tankers, gas carriers and cargo ships have been flocking to the Panama Canal recently, with waiting times to enter the canal reaching approximately 3.5 days.
In particular, as competition among shipping companies to reduce transit time has intensified, the price of "express passage rights" has surged. One liquefied petroleum gas (LPG) carrier recently secured priority passage through an auction by paying approximately $4 million (5.9 billion won), according to reports.
This is nearly four times the amount compared to the roughly $1 million level in early last month. The cost is a premium amount that must be paid separately from the basic canal transit fee.
The current congestion is assessed to be the most severe since 2023-2024, when the canal authority limited the number of vessels passing through due to drought.
Hormuz Blockage Triggers "Surge in Detour Demand"... U.S. Shipments Spike
This phenomenon was triggered by the blockade of the Strait of Hormuz due to the Iran war. As the transport of crude oil, natural gas and chemical products passing through the Persian Gulf was disrupted, global supply chains began seeking alternative routes.
In particular, the significant increase in shipments from the United States, as Asian countries heavily dependent on Middle Eastern energy began sourcing U.S. crude oil and gas as alternatives, is analyzed as a major factor aggravating the Panama Canal congestion.
The Panama Canal, approximately 82 kilometers long, is a key maritime logistics corridor connecting the Atlantic and Pacific Oceans. This situation is evaluated not as a simple regional issue but as a structural change affecting the entire global supply chain.
Panama Canal Authority: "Not an Official Fee"... Cooling Market Overheating
As the controversy over express fees grew, the Panama Canal Authority stepped in to calm the situation.
The authority stated, "The recent LPG vessel auction result reflects temporary market conditions and is not an official fee set by the canal." The actual winning bid amount was not disclosed.
It also explained that auction prices are determined by customer urgency, commercial priorities, freight rates, fuel costs and global supply and demand conditions.
According to the authority, auctions are one of several methods for securing transit slots and are mainly used by customers seeking to confirm last-minute schedules.
As of the current date, 102 vessels have booked Panama Canal passage, while 25 vessels are waiting without reservations. However, the authority added that because vessels arriving earlier than their booked time are also counted as waiting vessels, actual delay times may be exaggerated compared to the statistics.
Meanwhile, the number of vessels passing through the canal in the first half of fiscal 2026 was 6,288, up 3.7% from a year earlier. Average daily transits stood at 34 vessels in January and 37 in March, with some days exceeding 40.
"Despite geopolitical tensions and global trade volatility, the canal is operating stably," the authority emphasized.
