South Korea-based SK Gas Ltd secured a Panama Canal transit slot for September 1 by paying a record US$5.3 million, the highest auction price to date, sources reported on August 26 [1, 2, 3, 4]. The previous record of US$4.6 million was also set this August by a shipper controlling another South Korean vessel [1, 2, 3, 4].
The vessel scheduled to transit is the G Spirit, a liquefied petroleum gas tanker travelling northbound through the canal [1, 2, 3, 4]. As of August 25 or 26, the G Spirit was positioned on the Pacific side of the canal awaiting transit [1, 2, 3, 4].
Demand for urgent canal passage has surged amid disruptions to global trade routes caused by the Iran war, particularly affecting shipments to Asia [1, 2, 3, 4]. In response, the Panama Canal Authority will tighten restrictions from September on available transit slots and cargo capacity due to anticipated drought conditions linked to the El Niño weather pattern [1, 2, 3, 4].
Wait times for vessels without reservations have increased dramatically, with estimates ranging from 11 days according to some reports [2] to as long as 17 days in others [1, 3, 4]. These long waits have heightened demand for the canal's limited slots.
The canal uses an auction system for high-demand slots. The recent record auction prices are far above the median auction price before February 2026, which was approximately US$55,000 [1, 3, 4]. The Panama Canal Authority declined to comment on this specific auction but confirmed that stronger demand has driven auction prices higher [1, 3, 4]. SK Gas has not publicly commented on its record bid [1, 2, 3, 4].
The G Spirit's transit is scheduled for September 1, marking the first time the Panama Canal auction price has surpassed US$5 million [1, 2, 3, 4].
