Drought in Central America, linked to El Niño, has forced the Panama Canal to reduce daily ship traffic from 36 to 32 vessels. This measure, combined with the closure of the Strait of Hormuz and threats from Yemen's Houthis in the Red Sea, has increased freight costs by 140% since February. The Panama Canal, which handles 3% of global maritime traffic, faces its second climate impact in two years, after the severe drought of 2023 that reduced daily traffic to 22 ships in November.
Oil transport costs have exceeded $148,000 daily, a 150% increase compared to 2025. An empty supertanker paid $4.6 million to cross the Panama Canal, while container freight costs rose 140% compared to pre-Iran war levels. The UNCTAD reports that the Suez Canal operates 70% below 2023 levels, affected by conflicts in the Red Sea.
China has launched a new Arctic maritime route connecting Asia and Europe in 20 days, as an alternative to the Suez Canal. This route, controlled by Russia, represents a strategy against instability in the Red Sea and Strait of Hormuz. Experts like Alicia García Herrero highlight that this route gains relevance amid rising risks in traditional routes.
