SK Gas Pays Record $5.3 Million for Priority Panama Canal Passage
A South Korean company, SK Gas, has paid a record US$5.3 million for priority passage through the Panama Canal ahead of El Niño-related restrictions.
The G. Spirit tanker carrying liquefied petroleum gas was granted this special permit on September 1, just two days before canal authorities reduce the number of transits due to the weather phenomenon.
This payment is a significant increase from the average auction price between October 2025 and February 2026, which was around $55,000. In April, another vessel carrying liquefied natural gas paid US$4 million to skip the line and avoid waiting to pass through the canal due to boosted demand caused by the war in the Middle East.
The Panama Canal Authority announced that they will cut the number of daily transits from 36 to 34 starting September 3, and further reduce it to 32 later in the month.