Asian shipper pays record US$5.3 million for Panama Canal access

According to sources with knowledge of the situation, a shipper has set a new record by paying US$5.3 million for passage through the Panama Canal. This fee, made by SK Gas Ltd, a company based in South Korea, was established through an auction conducted by the canal authority, surpassing the previous record of US$4.6 million set earlier this month by another shipper of a South Korean vessel. The successful bid permits the G. Spirit, a tanker for liquefied petroleum gas, to navigate northbound through the canal. As of Tuesday, data from Bloomberg indicated that the ship was located on the Pacific side of the waterway. Following the disruption of global trade routes by the Iran war, demand for urgent transit has surged, leading to wait times of up to 11 days for vessels without reservations, as reported by Argus Media. Additionally, starting in September, the Panama Canal Authority has imposed stricter limits on the number of available slots and the cargo capacity of ships due to anticipated drought conditions in the area.