The closure of the Strait of Hormuz since February 28th, has prompted a major rerouting of trade, increasing traffic through the Panama Canal. Various Asian markets have started to source oil & fuel supplies from the Americas, particularly the US Gulf Coast.
Oceangoing transits rose to 1148 vessels in March, 10% more compared to the same month last year. Average transits were up from 34 in March 2025 to 37 in March 2026, to peak days recently surpassing 40 transits in April (36 is normal capacity).
4 Million USD to Transit the Panama Canal
Stronger demand for Canal transit has pushed up the amounts vessels are willing to pay to reduce waiting times and secure faster passage. Ships that do not book in advance, have the option to book last-minute reservations and an auction system.
According to Canal Administrator Ricaurte Vásquez, one LNG carrier paid USD 4 million to bypass the queue avoiding a wait of up to 5 days. The vessel was on its way to Europe, before it was redirected to Singapore, because of fuel shortages there.
The Panama Canal also reported that average auction prices stood at roughly USD 135,000 to USD 140,000 before the Middle East conflict. After hostilities began, the average rose to around USD 385,000 during March and April, a 175% rise.
Read the Panama Canal Meets Rising Demand Briefing by the Panama Canal
Panama Canal Transit Statistics