I just saw something interesting in crude transportation data. It turns out that U.S. oil tankers are using the Panama Canal more than they have in the past four years. According to Kpler, in the first half of April, U.S. crude exports via this route already exceeded 200,000 barrels per day, which is quite remarkable given the current situation.

What’s happening is that Asian refineries need supplies, and with navigation issues in the Strait of Hormuz and tensions in Middle Eastern supply, U.S. crude has become an attractive alternative. The Panama Canal offers the most direct route from the Gulf of Mexico to Asia, and although it doesn’t allow the passage of the largest tankers, it remains much more efficient than other options.

But here’s the interesting part: wait times at the Panama Canal have increased so much that shippers are paying over $3 million just to get priority transit. Think about it, from the Gulf to Japan via this route takes about a month, while going around the Cape of Good Hope in Africa doubles the trip. That’s why many captains prefer to pay the premium.

Data shows that most of these tankers passing through the Panama Canal in March and April were carrying U.S. crude headed to Japan and South Korea. It’s definitely a trend worth watching, especially considering how energy trade continues to reorganize in response to current geopolitical tensions.