18 Hrs
Source:
TRT عربي
Panama Canal crisis raises transit costs
The Panama Canal Authority reported that the rising costs of passing through the canal reflect temporary shifts in the global trade market. Recently, some ships paid over one million dollars at auctions to secure passage slots, with the average price reaching about $55,000 between October and February. Recently, prices have nearly tripled that amount. The authority also announced plans to limit the number of daily transit slots to 34 ships starting in September, then reduce it further to 32 ships, due to the effects of the El Niño phenomenon, which caused water levels in the canal’s lakes to drop and led to disruptions in maritime traffic and increased costs. Some companies, such as a South Korean firm, have paid record fees exceeding $5 million for canal passage, while others are rerouting around the Cape of Good Hope to avoid delays and high fees.
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