Crisis-driven tanker demand propels Panama Canal to multiyear high
- Canal handled 342 tanker transits last month, up 60% versus the average prior to the Strait of Hormuz crisis
- Rise in tanker and LNG transits via neopanamax locks offset by decline in VLGCs; in panamax locks, tanker gains offset by fewer boxships, refrigerated carriers and bulkers
- Easing of tanker demand following cargo scramble at beginning of Hormuz crisis could alleviate pressure on the waterway; the queue at panamax locks has declined
The Panama Canal has emerged as one of the biggest beneficiaries of the Strait of Hormuz crisis. The canal’s numbers in April were even higher than in March