Businesses paid up to $4 million for expedited Panama Canal passage as Iran-US tensions closed the Strait of Hormuz, forcing companies to reroute global trade and disrupting supply chains across major shipping corridors.
The Panama Canal's administrator notes the Middle East war and higher fuel prices increase the canal's appeal. This shift could boost traffic through the canal.
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Businesses are paying up to $4 million extra to use the Panama Canal instead of the Strait of Hormuz amid US-Iran tensions, reflecting escalating costs for global supply chain rerouting and heightened geopolitical disruption.