Overview
- Panama’s foreign minister restated the canal’s neutrality and called for safeguarding key sea lanes after the Strait of Hormuz was blocked by the war.
- Canal administrators report daily arrivals have risen to as many as 50 from about 34 in January, and they describe the route as open and reliable with no line for reserved transits.
- A rush for last‑minute passage has lifted auction prices from about $135,000–$140,000 before the conflict to roughly $385,000 on average in March–April, with occasional bids above $1 million and one $4 million payment.
- The canal’s auction system offers three to five daily slots for ships without reservations, and these paid slots do not displace vessels that already hold bookings.
- Oil flows are shifting toward the canal as Asian buyers tap U.S. barrels, with Kpler data showing U.S. crude exports via Panama above 200,000 barrels a day even as the waterway cannot carry the largest tankers or match Hormuz volumes.