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Carrier Shells $4M Reroute Amid Hormuz Closure, Iran Seizure Accusation

4/25/2026

Summary

Story summary

A carrier paid $4 million extra to reroute when the Hormuz closure forced a Panama Canal crossing.
Companies are paying up to $4 million extra for slots while Hormuz stays closed.
Standard fees of $300,000-$400,000 have risen to an auction charge of $425,000, reflecting urgency, not a permanent rate, according to Administrator Ricaurte Vásquez.
Panama’s foreign ministry accused Iran of illegally seizing the Panama-flagged vessel MSC Francesca in the Strait of Hormuz.

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Story summary

A carrier paid $4 million extra to reroute when the Hormuz closure forced a Panama Canal crossing.
Companies are paying up to $4 million extra for slots while Hormuz stays closed.
Standard fees of $300,000-$400,000 have risen to an auction charge of $425,000, reflecting urgency, not a permanent rate, according to Administrator Ricaurte Vásquez.
Panama’s foreign ministry accused Iran of illegally seizing the Panama-flagged vessel MSC Francesca in the Strait of Hormuz.