The impact of increasing tension in West Asia and the ongoing conflict between Iran-America/Israel is now visible on the economy of the entire world. While many countries are struggling with this crisis, a small country is earning tremendously in this situation. This country is Panama, whose fortunes have suddenly brightened after the increased threat on the Strait of Hormuz. Let us tell you that about 20% of the world’s total oil trade passes through the Strait of Hormuz. But in the current situation this route has become unsafe. In such a situation, ships loaded with oil and gas are now turning to the Panama Canal, which has emerged as the safest option at the moment.
Earning up to ₹37 crore from one tanker
Ships have to pay fees to pass through the Panama Canal, but due to increasing crowd, slots are now being auctioned here. According to reports, a ship made an extra bid of up to 4 million dollars i.e. about ₹ 37 crore to get quick passage. It is clear that Panama is making record earnings amid this crisis.
Income increasing from auction
Normally the cost of passing through the Panama Canal is between 3 to 4 lakh dollars. Earlier, companies used to give an extra few lakh dollars for early exit, but now this amount has increased rapidly and has increased manifold. Due to long waiting lists, companies are trying to get early access by paying more money.
Pressure on global supply chain
Experts say that the cost of the Panama Canal is affecting the global supply chain. Due to this, the prices of oil, gas and other essential commodities may increase further in the future.
Panama’s importance increased
In the current situation, the importance of the Panama Canal has increased more than ever. Companies are considering it as a safe and reliable option, which is greatly benefiting the economy of this small country.
SK Sharma is a content writer who writes on news, entertainment, and lifestyle topics. She has over four years of experience and is known for conveying information in simple and clear language.
