$5.3 million a new record for Panama Canal transit
A South Korean gas shipper sets a new auction record – but the total bill will be even higher. The post $5.3 million a new record for Panama Canal transit appeared first on FreightWaves.
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The Panama Canal set a new single-trip toll record amid looming traffic restrictions and global pressure on energy supplies. Canal officials confirmed that South Korea’s SK Gas Ltd. (018670. SK) bid $5. 3 million for an auctioned Panama Canal transit slot for the liquefied petroleum gas carrier G. Spirit on Sept.
1, the highest reported price ever for the waterway linking the Pacific and Atlantic oceans. The winning bid secured a northbound crossing scheduled for Sept. 1, apparently to move the vessel toward the Houston Ship Channel, where it will load LPG for delivery to East Asia, according to published reports. The $5.
3 million figure was first reported by Bloomberg based on people familiar with the confidential auction. Panama Canal officials subsequently confirmed to AFP that a record amount had been paid or committed, though the authority did not identify the customer or disclose the price.
The premium reflects the value of avoiding a long delay during an unusually tight LPG shipping window. Ships arriving without reservations have recently faced waits of up to 11 days; the average northbound wait over the preceding 28 days had exceeded 10 days.
The canal authority previously announced El Nino-related drought restrictions, cutting capacity to 34 daily transits in early September and 32 later in the month, with Neopanamax capacity reduced to nine slots per day. At the same time, the Iran war has disrupted energy-trade patterns and increased the urgency of moving LPG between the U. S. Gulf and Asia.
The U. S. and Tehran on Sunday traded strikes after a month-long lull in hostilities. The bid compared to the median auction price of about $55,000 between October 2025 and February 2026. It topped the previous record of $4. 6 million, also for a LPG carrier operated by SK Shipping, Maritime Executive reported.
The authority’s tariff schedule separates regular tolls and maritime services from auctioned booking slots. For a neopanamax LPG carrier, the published schedule includes a $300,000 fixed transit component, a capacity charge of $2. 75 per cubic meter, and a $100,000 regular reservation fee; the auction slot is listed separately as “best offer.”
The all-in cost will be higher than $5. 3 million once ordinary tolls, tugs, freshwater and other charges are included. Read more articles by Stuart Chirls here.
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3 million a new record for Panama Canal transit appeared first on FreightWaves.
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