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Hormuz blockade drives Panama Canal fees up to $4m
Shipping companies are paying up to $4 million for last-minute transit through the Panama Canal as the effective closure of the Strait of Hormuz disrupts global routes, according to Associated Press.
The canal typically charges fixed rates, but auction prices for priority access have surged.
With vessels rerouting to avoid the Gulf, demand for fast-track slots has spiked, allowing companies to skip multi-day delays.
The shift highlights the broader impact of the Hormuz crisis on global trade and shipping costs.
MARTIN BERNETTI / AFP
