SK Gas Pays Record Panama Canal Transit Fee
The “express transit fee” paid by a single vessel to pass through the Panama Canal has surpassed 7 billion won.SK Gas has agreed to pay $5.30 million (about 7.3 billion won) for passage through the Panama Canal on September 1, marking the highest amount ever, Bloomberg reported on August 26 local ti
SK Gas has paid a record $5.30 million for a single transit through the Panama Canal, according to Bloomberg. This fee surpasses the previous record of $4.60 million set earlier this month by SK Shipping. The unusually high amount reflects geopolitical risks and climate change concerns. As major trade routes from the West to Asia have contracted following the Iran war, more vessels are utilizing the Panama Canal.
Longer waiting times, natural disasters, and the El Niño phenomenon have also impacted canal operations. The Panama Canal Authority plans to tighten limits on transit slots and vessel load capacity from September. Through an auction system, G. Spirit, a liquefied petroleum gas carrier for SK Gas, secured the right to transit northbound through the canal.
The Panama Canal Authority commented that demand has become considerably stronger, with recent auction prices jumping nearly 100-fold in just over half a year.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
