$5.3m Canal Bid Shatters Record as Drought Chokes Panama Trade

South Korea’s SK Gas has set a new record for Panama Canal transit fees after paying $5.3 million to secure a slot for its LPG carrier, the G. Spirit, on September 1. The bid, equivalent to 7.3 billion South Korean won, surpasses the previous high of $4.6 million set earlier this month by SK Shipping, another company within the same group. The sharp rise in auction prices reflects growing pressure on the canal’s capacity. The Panama Canal Authority reported that median auction bids have surged from around $55,000 before February…

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