Commercial shipping costs through the Panama Canal have risen sharply as vessels divert from conflict-affected Middle Eastern routes and an intense El Niño reduces the water available for canal operations. The congestion underlines the vulnerability of global trade: one container ship reportedly paid about $4m (£3m) at auction to bypass the queue, while ships are waiting roughly 10 days to transit.

The Panama Canal Authority auctions priority slots, with normal opening bids of about $15,000 for smaller cargo ships and $55,000 for the largest vessels; the reported $4m payment by the 10,100-TEU Seaspan Benefactor was more than twice the preceding week’s average bid. Falling levels in Gatun Lake have already led to draft restrictions that require some ships to carry lighter loads, and further limits may follow; the canal averaged 35 daily transits from October to June, up 5% on the previous period.