The sea routes of the world, under the weight of turbulent geopolitics

Companies around the world are being forced to pay up to four million dollars for their ships to pass through the Panama Canal, as the Strait of Hormuz is effectively kept closed due to geopolitical tensions. This situation has caused major changes in global trade flows and put additional pressure on supply chains.

Although passage through the canal is usually paid for at standard rates through reservations, companies without a fixed time are now participating in auctions for free slots.

These terms are awarded to the highest bidder, and prices have risen dramatically in recent weeks due to increased demand and the rerouting of shipping routes. maritime, abc reports.

The reason for this increase lies in the increasingly dangerous situation in the Middle East, where conflicts between Iran and the United States are creating a blockage in one of the most important sea routes in the world. That is why ships are increasingly choosing alternative routes, despite the significantly higher costs.

Lawyer and analyst Rodrigo Noriega points out that companies consider the passage through the Panama Canal to be safer and more profitable in the long run, despite the high prices. The average price of crossing the canal ranges between $300,000 and $400,000, depending on the ship. Previously, companies paid an additional $250,000 to $300,000 for an earlier switch. In recent weeks, the average additional cost has risen to about $425,000.

Channel administrator Ricaurte Vásquez cited the example of a tanker that, due to an emergency rerouting from Europe to Singapore, paid an additional four million dollars to speed up the passage. Other oil companies have made similar moves, paying more than three million dollars to deliver energy products as quickly as possible amid a sharp rise in oil prices.

At the same time, Panama is facing political pressure. Authorities have accused Iran of seizing the Panamanian-flagged vessel MSC Francesca in the Strait of Hormuz, calling the act a serious attack on maritime trade security.

As the conflict continues, analysts warn that shipping costs and energy prices could rise further as global trade enters a period of uncertainty. /tesheshi

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Source: prizrenpost