With the almost total closure of the Strait of Hormuz for about two months, a drastic change was generated in commercial flows, which benefits the Panama Canal, which has seen its profits multiply. The Asian continent is the most affected by the crisis and is looking for new routes and fuel suppliers.

First modification: 04/25/2026 - 03:38Last modification: 04/30/2026 - 04:28

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Four million dollars. This is what some companies have paid so that their ships can cross the Panama Canal, as reported by the Panama Canal Authority.

About 6% of world trade passes through the Panama Canal. Normally, companies make reservations to be able to pass through and pay a fixed price depending on their type of boat of between 300,000 and 400,000 dollars. However, those who do not have a reservation can pass by participating in a quota auction.

With the almost total closure of the Strait of Hormuz, many countries and companies began to buy in other countries - mostly the United States, but also Guyana or Brazil - to avoid passing through the Middle East. In addition, many ships saw their routes change to reach areas that needed fuel more urgently.

“With all the bombings, missiles, drones (...) companies say that it is safer and cheaper to cross through the Panama Canal,” explained Rodrigo Noriega, a lawyer and analyst in Panama City, questioned by the AP agency. “All of this is affecting global supply chains,” he added.

Consequently, lines are lengthening to pass through the Panama Canal and auctions have skyrocketed due to high demand.

Panama Canal maximizes profits

Since the beginning of the crisis, companies that do not have quota and need to pass quickly have drastically increased auctions. According to Ricaurte Vásquez, administrator of the canal, a company - whose name was not communicated - paid four million dollars, since its fuel ship had to change destination.

“It was a ship taking fuel to Europe, and they rerouted it to Singapore, and it needed to get there because Singapore is running out of fuel,” Vasquez said.

In other cases, oil companies paid more than three million dollars, in addition to the crossing fee, to be able to accelerate their passage and take advantage of the rise in fuel prices.

According to Vásquez, this phenomenon is due to the fact that companies change routes at the last minute and are in a greater hurry to get through. Prices depend on the urgency of the boat and it is the companies that decide how much they are willing to pay to get through quickly.

Hormuz traffic disruptions

In normal time, about 20% of the world's oil transits the Strait of Hormuz for free. But since the start of the war in Iran on February 28, this sea route has become a strategic point in the war.

Iran has de facto closed the strait, laying mines in the sea and attacking ships trying to pass through it. Only some ships from specific countries are authorized to pass and must transit a specific route. Tehran also began charging several ships for their passage, which generates millions of dollars in profits.

However, given the closure of the strait, Donald Trump decided to impose his own blockade on Iranian ports, further increasing tension in the Strait of Hormuz.

Although the international community has asked numerous times for free passage through the strait, the point remains largely blocked, which has generated fuel shortages in several countries, especially Asian ones, and a rise in the prices of gas, oil and fertilizers, among others.

The Asian continent, the hardest hit

More than 80% of the oil that transits through the Strait of Hormuz is destined for the Asian continent. According to Pakistani analyst Khurram Husain, who spoke to Le Monde, “Asia is the region of the world most affected by rising oil prices and supply disruptions caused by the war.”

Several countries had to take measures to deal with the crisis. Pakistan announced a fuel price hike of more than 40%, Bangladesh has reduced the length of the working day to save energy, in the Philippines civil servants only work four days a week and Sri Lanka imposed fuel rationing. For their part, China and India are less affected.

Consequently, several Asian countries began to try to supply themselves with oil from the American continent.

“This is a very significant increase that reflects the way in which Asian buyers are striving to supply themselves with oil, fuel and bulk raw materials, such as coal, mainly on the US coast of the Gulf of Mexico,” as Ross Griffith, head of freight rates for the Americas at Argus, explained to the Financial Times.

However, the Panama Canal will not be able to replace the Strait of Hormuz in the long term, since the most important oil tankers are too large to pass through its facilities.

Thus, VLCCs ("Very Large Crude Carriers" or supertankers), which transport up to two million barrels of oil in a single trip, cannot transit this interoceanic crossing.

With AP and local media

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