New Record at the Panama Canal as Ship Pays $5.3 Million for Expedited Passage

A ship carrying liquefied petroleum gas has set a new record after paying $5.3 million to pass more quickly through the Panama Canal.

The payment was made by South Korean company SK Gas, which won an auction guaranteeing its ship, G. Spirit, passage through the canal on September 1, Bloomberg reported.

Illia Espino de Marotta, administrator of the Panama Canal Authority, said this was the largest amount ever paid in an auction of this kind.

“Recently, we have held three very high-value auctions,” Espino de Marotta said, stressing that the $5.3 million represented the “highest amount” ever recorded.

The increase in auction prices is linked to the restriction on the number of ships that can pass through the canal each day. The Panama Canal Authority introduced the measure because of falling water levels, which have been affected by the El Niño phenomenon.

The canal’s operation depends on rainwater collected in the artificial Gatun and Alajuela lakes. However, the water level in these reservoirs has fallen sharply, limiting the capacity for transits.

Starting September 3, according to the authorities’ plan, daily transits will fall from 36 to 34 ships. A further reduction will take effect on September 15, when the number of daily transits will drop to 32.

The Panama Canal, which is approximately 80 kilometers long, is considered a key hub for international trade. Around 5% of all global maritime trade passes through it.

Approximately nine out of 10 ships using the canal have a scheduled reservation. The remaining available slots, along with openings created by unexpected schedule changes, are offered through auctions.

In recent months, prices for these slots have risen significantly. In April, a ship paid around $4 million for passage, at a time when demand for hydrocarbon transportation increased and maritime traffic was affected by the blockade of the Strait of Hormuz.

Espino de Marotta explained that the auction price is determined by market demand. The authority sets a starting price, while companies compete with one another for the limited transit slots.

Data from the Panama Canal Authority show that from October 2025 to February 2026, a slot secured through an auction cost an average of around $55,000. Since then, the price has roughly tripled, while the $5.3 million payment set a new record.