Strait of Hormuz blockade drives up costs at Panama Canal

PANAMA CITY — The war in the Middle East has boosted demand to move vital cargo through the Panama Canal to such an extent that one vessel carrying liquefied natural gas (LNG) paid $4 million to skip the line and avoid a wait that can take up to five days, according to an official report. A surge in such payments has been recorded since the US-Israeli attacks on Iran began February 28, which led to the blockade of the Strait of Hormuz, a critical waterway for one-fifth of the world’s oil and natural gas exports from Gulf countries. To meet […]... Keep on reading: Strait of Hormuz blockade drives up costs at Panama Canal

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