See e.g. [1]. As long as the Panama Canal is at capacity, they don't need to compete with the Panama Canal. They need to compete with long detours: > The Panam

See e.g. [1]. As long as the Panama Canal is at capacity, they don't need to compete with the Panama Canal. They need to compete with long detours: > The Panama Canal has become so backlogged that the world’s largest operator of chemical tankers has decided to reroute its fleet to the Suez Canal. > London-based Stolt-Nielsen, which has a tanker division with 166 ships, is charging customers additional costs for the longer route, it said in an email. A bottleneck at the Panama Canal due to low water levels has prompted shippers to divert to Suez, the Cape of Good Hope, or even through the Strait of Magellan off the tip of South America. And so, presumably, they're assuming that irrespective of resolution of these immediate issues, the Panama Canal won't be able to keep up with demand. [1] https://fortune.com/2023/11/27/panama-canal-backed-up-water-shortage-ships-reroute/ https://fortune.com/2023/11/27/panama-canal-backed-up-water-...