Iran war drives Panama fees to record high
Auction prices to transit the Panama Canal have hit a record high, driven by Asian buyers looking for alternative routes and supplies amid the global turmoil caused by the Iran war
GLOBAL SHIPPING CHOKEPOINTS
Share of seaborne trade
Strait of Malacca 23.7%
Turkish 3.1%
Bab el-Mandeb 8.7%
Hormuz 11.1%
Suez 12.0%
Panama Canal 3.0%
SHIP TRANSITS
Strait of Hormuz >42,000
Turkish Strait <10,000
Suez Canal 13,200
Strait of Malacca 94,000
Bab el-Mandab 24,000
Panama Canal <10,000
Apr 2026: Transit through largest locks up to $4m
Apr 2026: Panamax $0.84m
PANAMA CANAL PRICES
Average auction price of transit slot
Frequent users typically book well in advance at lower rates. Remaining 30% of canal traffic competes in daily auctions
Panama canal traffic
Ships by size
Panamax* 70%
Neopanamax 30%
*Max. length 294m
32.3m beam
12.04m draft
$ millions
1.5
1.0
0.5
0
2024
2025
2026
Sources: Andaman Partners, Financial Times
Picture: Getty Images
© GRAPHIC NEWS