Panama Canal Near Capacity as Hormuz Crisis Drives Surge in U.S. Energy Exports

Traffic through the Panama Canal is climbing sharply as disruption in the Strait of Hormuz drives more U.S. energy exports toward Asia and Pacific markets, pushing the waterway close to full operating capacity just as forecasters warn a potentially severe El Niño could return later this year.

“So far this year, ship transits via the Panama Canal have increased 8% y/y to a daily average of 38, driven by the tanker sector,” said BIMCO Shipping Analysis Manager Filipe Gouveia in the shipping association’s latest “Shipping Number of the Week.”

Transits have surged even higher in recent weeks. BIMCO said