Prices to expedite Panama Canal crossing skyrocket after Strait of Hormuz closure
Businesses have doled out up to $4 million to cross boats through the Panama Canal to dodge ongoing chaos in the Strait of Hormuz, which has created a seismic shift in global trade flows.
The average price to cross through the canal ranges between $300,000 and $400,000 depending on the vessel passing through.
But in a number of cases, companies that have had to re-route last minute and carry sensitive cargo like petroleum have paid big money to jump the line.
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