Panama canal fees soar due to Iran war and El Niño as ship ‘pays $4m to jump queue’

Falling water levels linked to weather system are expected to limit number of slots to transit shipping lane

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Commercial ships travelling through the Panama Canal are facing a rise in costs amid disruption triggered by the Iran war and falling water levels linked to this year’s intense El Niño weather system.

Highlighting the fragility of global trade, a container ship reportedly paid about $4m (£3m) to jump a queue of vessels waiting to pass through the vital maritime choke point.