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The Panama Canal is becoming a more expensive but increasingly important alternative for shippers trying to avoid mounting risks in the Strait of Hormuz. According to Associated Press Businesses have doled out up as much as $4 million to move boats through the Panama Canal with the Strait of Hormuz effectively closed, according to the Panama Canal Authority, in a move that has created a seismic shift in global trade flows. While passage through the waterway usually comes at a flat rate via reservations, companies without reservations can cross by paying an additional fee in an auction for slots, which are awarded to the highest bidder rather than waiting for days off the coast of Panama City. That price has ballooned in recent weeks as Iran and the United States have bottlenecked the key shipping route, the Strait of Hormuz, and demand for those slots has skyrocketed. Ships have increasingly traveled through the Panama Canal as shipments are rerouted and buyers purchase from other countries to avoid commerce through now-treacherous Middle Eastern waterway. The average price to cross through the canal ranges between $300,000 and $400,000 depending on the vessel. Previously, to get an earlier crossing, businesses would pay an additional $250,000 to $300,000. In recent weeks, the average additional cost has jumped to around $425,000. Ricaurte Vásquez, the canal’s administrator, said another company that he would not name paid an extra $4 million when its fuel vessel had to change its destination because of ongoing geopolitical tensions. "A ship had an urgent need to reach its destination port. If it failed to arrive, the penalty would have been ten or even fifteen times greater, and it turned out to be cheaper to pay than to suffer the loss of revenue on the other end. It’s simple economics." said Vásquez. Vásquez said that ships have not piled up at the canal, but rather the costs can be attributed to last-minute shifts and greater urgency by vessels needing to get from one point to another faster in the wake of larger trade chaos.
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