Hormuz crisis spurs surge in Panama Canal tanker transits
- Panama Canal handled 1,148 transits in March, the highest monthly total since December 2021, during the Covid cargo boom
- Increase was driven by tanker transits via panamax locks, which jumped 19% in March versus February
- Hormuz closure is yet to cause spike in VLGC transits via neopanamax locks; Vortexa cites near-term limits to US Gulf export terminal capacity
The Panama Canal route has suddenly become a lot more attractive to Pacific basin countries in desperate need of energy supplies. Rising canal traffic in March could be a sign of even higher transit demand to come