Ship shells out ₹38 crore for Panama Canal passage amid week-long queues
A container vessel spent $4 million (approximately ₹38 crore) to jump the queue at the Panama Canal, where wait times have stretched beyond seven days, as per a Bloomberg report. Data from the FT indicates that transit spots are currently costing an average of $1.1 million, which is more than 16 times the price seen during this time last year. This sharp increase in costs is driven by vessels searching for new routes to avoid the Strait of Hormuz due to instability linked to the US-Iran conflict.
by shortkt.com✓