SK Gas pays record $5.3M for Panama Canal
SK Gas Ltd. Paid a record $5.3 million for a Panama Canal transit slot on Sept. 1, as drought restrictions and global energy pressures create unprecedented demand for bookings.
SK Gas Ltd. Paid a record $5.3 million for an auctioned Panama Canal transit slot on September 1, setting a new single-trip toll record. The payment secured passage for the liquefied petroleum gas carrier G. Spirit, according to canal officials who confirmed the record to AFP, following an initial report by Bloomberg based on people familiar with the confidential auction. The winning bid secured a northbound crossing scheduled for Sept. 1, apparently to move the vessel toward the Houston Ship Channel, where it will load LPG for delivery to East Asia.
The premium reflects the extreme value shippers place on avoiding delays during an unusually tight LPG shipping window. Ships arriving without reservations have recently faced waits of up to 11 days; the average northbound wait over the preceding 28 days had exceeded 10 days.
Canal Restrictions and Global Pressure
The record bid comes as the Panama Canal Authority enforces El Nino-related drought restrictions, cutting capacity to 34 daily transits in early September and 32 later in the month, with Neopanamax capacity reduced to nine slots per day. Simultaneously, global energy trade patterns are disrupted. The Iran war has increased the urgency of moving LPG between the U.S. Gulf and Asia. The U.S. And Tehran on Sunday traded strikes after a month-long lull in hostilities.
Auction Premium Versus Standard Costs
The $5.3 million auction price is vastly higher than standard canal transit fees. It dwarfs the median auction price of about $55,000 recorded between October 2025 and February 2026. It also tops the previous record of $4.6 million, which was also for an LPG carrier operated by SK Shipping, according to Maritime Executive.
The canal's tariff schedule separates regular tolls and maritime services from auctioned booking slots. For a neopanamax LPG carrier, the published schedule includes a $300,000 fixed transit component, a capacity charge of $2.75 per cubic meter, and a $100,000 regular reservation fee; the auction slot is listed separately as "best offer." The all-in cost for the G. Spirit's transit will be higher than the $5.3 million auction bid once ordinary tolls, tugs, freshwater, and other charges are included.
The Record Transit Details
Panama Canal officials confirmed a record amount had been paid or committed, though the authority did not identify the customer or disclose the price. The $5.3 million figure was first reported by Bloomberg.
*Read more articles by Stuart Chirls here.*
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