Ship pays near-record US$4 million to skip Panama Canal queue as Hormuz blockage fuels congestion
Vessel owners are auctioning for passage via the waterway, with traffic curtailed in the Persian Gulf
A container ship owned by Seaspan Benefactor has paid an unprecedented US$4 million to bypass the Panama Canal queue, as congestion in the Persian Gulf has increased due to the Iran war. The auction fee, more than double the average of the previous week, was paid on Monday to expedite the vessel's transit through the waterway. The Panama Canal Authority reported a surge in auction costs resulting from changes in global trade dynamics, with some fees surpassing US$1 million.
However, the Authority did not comment on the specific US$4 million transaction. The vessel, a Neopanamax-size ship, is a significant upgrade from previous classes, designed to fit the canal's locks but has faced delays due to maintenance outages and reduced draft limits resulting from El Niño. Vessels without pre-booked slots are experiencing a 10-day wait in line, as traffic in the Persian Gulf has been curtailed, particularly at the Strait of Hormuz and Bab el-Mandeb.
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