Accra: Disruptions to shipping through the Strait of Hormuz due to the war in Iran are reshaping global trade routes, driving increased traffic through the Panama Canal as oil tankers seek alternative passages. This is according to a leading international shipping association.
According to Ghana News Agency, transits through the canal have risen 8% so far this year compared with the same period last year, with oil tankers accounting for much of the increase, the Baltic and International Maritime Council (BIMCO) said. BIMCO reported that the canal has handled an average of 38 crossings per day this year, nearing its maximum capacity of 36 to 40 daily transits. The rerouting is a result of ongoing disruptions in the Strait of Hormuz, a crucial artery for global energy trade, which Iran took control of after the onset of US-Israeli attacks at the end of February.
Threats, inspections, and attacks on ships have largely brought traffic through the strait to a standstill. Following the commencement of a ceasefire between the warring parties, US President Donald Trump announced a naval blockade in April, targeting ships entering or leaving Iranian ports.
A recent report by shipping data provider Kpler indicates that no tankers loaded with Iranian crude oil have passed through the blockade. Iran has significantly increased oil storage on both vessels within the Gulf and on land during the blockade period. The report noted that the volume of Iranian oil already stored aboard ships outside the blockade decreased last month from 122 million to 89 million barrels, cargoes that might still be sold.
China is identified as the main buyer of Iranian oil. Should the US naval blockade remain in place, Kpler suggests that Iran's oil revenues could deplete entirely within 60 to 70 days.