Tanker pays record US$5.3mil to transit Panama Canal
South Korea’s SK Gas paid a record sum to secure early passage for the G. Spirit, carrying liquefied petroleum gas, as El Niño forced a reduction in canal transits.
Panama declared an El Niño emergency on Tuesday, as severe drought lowered water levels in the canal. A tanker carrying liquefied petroleum gas paid a record US$5.3 million for priority passage through the Panama Canal, ahead of the canal's reduction of transits due to the El Nino weather phenomenon. The G. Spirit, operated by South Korean company SK Gas, paid the fee on September 1.
The Panama Canal Authority reported that the average auction price for last-minute transits during October 2025 and February 2026 was around $55,000. However, in April, a vessel carrying liquefied natural gas paid US$4 million to avoid waiting in line as the war in the Middle East increased demand for the waterway. The Panama Canal, handling 5% of global maritime trade, will reduce daily transits from 36 to 34 starting September 3, and further to 32 later in the month.
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- Tanker pays record US$5.3mil to transit Panama Canal freemalaysiatoday.com
- LPG tanker pays record $5.3 million for Panama Canal passage dailytimes.com.pk
- Tanker pays record US$5.3 million to transit Panama Canal: Administrator channelnewsasia.com
- Tanker pays record R85 million to transit Panama Canal iol.co.za
- Tanker pays record $5.3m to transit Panama Canal amid El Niño drought euronews.com
