Panama Canal transit auction bids exceed $1 mln as demand surges
11 Articles
11 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...
Soaring Panama Canal Fees Drive a Nascent LPG Shuttle Trade
Exporters including Chevron Corp. are turning to ship-to-ship transfers to send liquefied petroleum gas from the US to Asia, an apparent change in strategy that comes as users of the Panama Canal grapple with congestion and record transit fees.
On 26 August 2026, SK Gas, a South Korean company, paid $5.3 million to cross the Panama Canal on 1 September, setting a new record. This amount exceeds the 4.6 million SK Shipping recorded a few weeks earlier. Last February, an auction for an emergency passage cost an average of $55,000. Six months later, this increase by 96 indicates an unprecedented logistical crisis, exacerbated by geopolitical tensions and a historic drought. A dramatic inc…
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