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SK Gas pays record US$5.3 million for Panama Canal slot
The Panama Canal Authority tightened September slot limits and cargo capacity amid drought risk, while wait times for nonreserved vessels have stretched to 11 days.
SK Gas Ltd will pay a record US$5.3 million to secure a Panama Canal crossing on September 1, according to people familiar with the matter cited by SCMP Economy.
The fee was set through an auction run by the canal authority this week, surpassing the previous high of US$4.6 million paid earlier this month. The winning bid allows the liquefied petroleum gas tanker G. Spirit to transit the canal northbound.
Demand to pass through the waterway has risen after the Iran war disrupted global trade routes, especially those serving Asia, SCMP Economy reported. Wait times have also lengthened, reaching as long as 11 days for vessels that arrive without reservations, according to Argus Media.
SCMP Economy added that the Panama Canal Authority will start in September with tighter restrictions on the number of slots and limits on cargo ships capacity due to likely drought conditions in the region. As of Tuesday, the G. Spirit was shown positioned on the Pacific side of the canal, according to data compiled by Bloomberg.