Oil tanker pays $5.3 million for Panama Canal priority passage

A liquefied petroleum gas (LPG) tanker has set a new record by paying $5.3 million (RM21.35 million) for priority passage through the Panama Canal. The payment was made by South Korean company SK Gas to allow the vessel G. Spirit to transit the waterway on September 1.

This expedited passage was crucial as it occurred just two days before canal authorities were set to reduce the number of ships allowed to transit due to restrictions linked to the El Niño weather phenomenon. Panama recently declared a state of emergency due to El Niño, which has caused severe drought and significantly lowered water levels in the canal.

Normally, ships book their passage through the Panama Canal well in advance. Vessels without reservations typically face an average waiting time of five days. However, a system of auctions allows for last-minute passage bookings.

The previous record for a booking was set in April when a liquefied natural gas (LNG) tanker paid $4 million (RM16 million) to bypass the queue. That transit occurred amid increased demand for cargo transport through the canal due to the conflict in West Asia.

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A liquefied petroleum gas (LPG) tanker paid $5.3 million (RM21.35 million) for priority passage through the Panama Canal.