Charterparty Details are Key in an Era of Constrained Chokepoints
The Federal Maritime Commission initiated a broad-based fact-finding proceeding on transit constraints at international maritime chokepoints, and since the February 2026 commencement of military operations in Iran attention has focused on the Strait of Hormuz and the Bab el-Mandeb Strait. Drought conditions associated with a Super El Nino have left water levels in Gatun Lake trending well below historic levels, leading the Panama Canal Authority to impose draft and daily transit restrictions, including a cap of 34 transits from September 4 and 32 from September 15. The restrictions led to auctions for transit slots, with a record bid of $5.3 million for a liquefied natural gas tanker on September 1.
Why it matters: It bears on the maritime chokepoints theme, because contractual allocation of delay risk at constrained passages affects charterparty laycan, redelivery and termination terms.