17:33 - 17.08.2026

---

August 17, Fineko/abc.az. The average cost for commercial vessels to transit the Panama Canal via daily auctions reached a record $1.1 million in August—a 16-fold increase compared to the same period last year.

According to the Financial Times, transit slots at certain auctions fetched up to $3.78 million. Concurrently, the backlog of vessels waiting at the canal grew from 40 ships at the beginning of the year to 113 by early August.

The sharp price escalation is attributed to falling water levels caused by El Niño-induced droughts, coupled with a surge in route demand following the closure of the Strait of Hormuz.