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Panama Canal transit auction bids exceed $1 mln as demand surges
SK Gas secured the transit slot for the G. Spirit as canal auction prices topped the prior record by $700,000.
- A shipper paid a record US$5.3 million to secure a transit slot for the liquefied petroleum gas tanker G. Spirit through the Panama Canal, scheduled for September 1.
- Demand to urgently traverse the waterway soared after the Iran war upended global trade routes to Asia, pushing auction fees past the previous high of US$4.6 million.
- The Panama Canal Authority tightened vessel slot limits and cargo restrictions for September, while ships without reservations face wait times of up to 17 days, according to Argus Media.
- Recent auction results reflect "significantly stronger demand," with prices exceeding pre-February medians as El Nino weather patterns in the Pacific threaten fresh water levels and shipping availability.
- South Korea-based SK Gas Ltd secured the record-breaking transit for G. Spirit, though the company declined to comment on the unprecedented bid amount.
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13 Articles
13 Articles
(Mexico City = Yonhap News) Correspondent Song Gwang-ho = Due to droughts triggered by El Niño and changes in global supply chains, the price of ship transit rights in some Panama Canals has risen to $1 million...
·Seoul, Korea (the Republic of)
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Coverage Details
Total News Sources13
Leaning Left0Leaning Right2Center5Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
C 71%
R 29%
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