Hormuz and Red Sea disruptions are spilling into global shipping, driving more energy cargoes through the Panama and Suez Canals as trade routes become longer and less efficient.
Panama Canal access costs have exploded, with auction slots reaching a record $5.3 million and waiting times rising to 17 days amid surging demand and reduced transit capacity.
The wider tanker market is under extreme pressure, with charter rates topping $1 million per day as refiners scramble for scarce physical crude and available vessels.
OilPrice.com
Global Shipping Costs Explode as Hormuz Disruptions Hit K...
Panama Canal access costs have exploded, with auction slots reaching a record $5.3 million and waiting times rising to 17 days amid surging demand and reduced transit capacity.
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