Ship transit prices through the busiest routes of the Panama Canal have reached a new historical record, reports the Financial Times.
According to data from daily auctions for transit slots, the average price for August 2026 has jumped to $1.1 million per vessel. This amount is over 16 times higher compared to the same period last year.
The critical situation and record price increase are due to a combination of two main factors that are paralyzing global maritime logistics:
- Acute shallowing of the channel: The intensifying El Niño climate phenomenon led to a sharp drop in water levels in the artificial lakes feeding the facility's locks. This imposes serious restrictions on the traffic and tonnage of passing ships.
- Redirecting trade flows: The military conflict in the Middle East and the blockade of the Strait of Hormuz have forced dozens of companies and tankers to avoid their traditional routes. Asian markets have begun to massively seek supplies from America and the Gulf of Mexico, turning the Panama Canal into a critically important alternative.
Due to the huge shortage of free passage hours, the Panama Canal Authority relies on a system of emergency auctions. The competition at these auctions is so fierce that some container shipping companies are willing to pay millions of dollars extra just to avoid waiting and "jump the queue." Experts quoted by the Financial Times warn that this logistical shock will inevitably put serious pressure on global energy and consumer goods supply chains.