The Panama Canal Authority announced that transit fees for some ships had skyrocketed, with the average price for a last-minute auction rising from $135,000 to $385,000 in April.
An oil tanker has paid a record $4 million for passage after being forced to reroute from Europe to Singapore, an official has revealed.
The number of vessels in transit also increased from an average of 34 per day in January to 38 in April.
According to the Financial Times, of the 38 ships, 29 were carrying oil, most of them headed for Asia.
Export centers for US crude oil are concentrated along the Gulf Coast, mainly in states such as Texas and Louisiana. Oil tankers heading to Asia can choose either a longer route through the Atlantic Ocean and around the Cape of Good Hope, or a shorter route through the Panama Canal.
Although the largest oil tankers cannot cross the canal, Asian countries are so desperate to get crude oil quickly that they use smaller but even more expensive vessels. For these ships, the fuel savings achieved by the shorter route can offset the high transit charges.
