Million-dollar Panama Canal slots expose new pressure on global energy trade

The Panama Canal is facing a renewed rush for priority passage, with shipowners and charterers paying  millions of dollars to secure faster transit  as disruption around the Strait of Hormuz redirects energy cargoes from the US Gulf towards Asia. 

The waterway, one of the world’s most important trade routes, has become increasingly competitive in recent weeks, as companies try to avoid delays and keep vessels carrying  oil, fuel, LPG and LNG cargoes