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In
an interview with The Associated Press, Vásquez said that higher
energy, fuel and navigation costs could make the Panama Canal a
more attractive option for commercial traffic.
“When costs increase, in general when the price of marine fuel
rises, the Panama Canal becomes a more attractive route,”
Vásquez said.
Oil prices have risen amid the war in the Middle East, which has
led to the temporary closure of the Strait of Hormuz by Iran in
response to U.S. and Israeli attacks. About one-fifth of the
world’s oil passes through the waterway at the mouth of the
Persian Gulf.
If higher energy costs persist, routing cargo through Panama can
cut voyages by between three and 15 days, depending on the
route, while reducing fuel consumption, he said.
Vásquez said higher fuel costs are expected to affect container
ships, bulk carriers and tankers transporting liquefied natural
gas. If Middle Eastern supplies are disrupted, shipments may be
replaced by other sources, including the United States, which
could redirect some LNG cargo from Europe to Asia via Panama.
Gerardo Bósquez, an executive with the Panama Maritime Chamber,
said a prolonged conflict could reshape global trade routes,
with gas transport among the segments likely to benefit.
Vásquez cautioned that any changes will not be immediate and
will depend on how long cargo operators expect the conflict and
instability in the Gulf last.
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