The South Korean company SK Gas paid $5,3 million, or approximately €4,5 million, to secure priority passage through the Panama Canal. This amount, the highest ever paid in an auction organized by the managing authority, will allow the G. Spirit, a vessel carrying liquefied petroleum gas, to transit the interoceanic waterway on September 1st.
This record-breaking auction comes as traffic is being reduced due to the falling water levels of the artificial lakes of Gatún and Alhajuela, which supply the locks. Affected by dry conditions linked to the El Niño phenomenon, the canal will limit daily passages from 36 to 34 starting September 3, and then to 32 from mid-September. This 80-kilometer waterway carries approximately 5% of global maritime trade.
Bidding is skyrocketing as slots become increasingly scarce.
Nearly nine out of ten transits are normally scheduled in advance. Remaining berths, as well as those freed up due to unforeseen circumstances, are allocated through auctions. The canal sets a starting price, and then shipping companies raise their bids according to the urgency of their cargo. In April, one ship had already paid four million dollars to expedite the transport of hydrocarbons amid the blockade of the Strait of Hormuz.
Between October 2025 and February 2026, the average price at these auctions reached approximately $55,000, before tripling in the following months. The record price paid by SK Gas illustrates the economic consequences of the drought on a strategic route linking, among other places, the East Coast of the United States to China, South Korea, and Japan. A prolonged reduction in traffic could increase shipping costs and cause further delays in supply chains.
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