A recent auction at the Panama Canal saw a shipper pay a record-high nearly $4 million to expedite its crossing.
As reported by Bloomberg, Japan’s Eneos Group spent $3.98 million in a November 8 auction to secure a crossing at the congested Panama Canal. The winning bid ensured that the company’s liquefied petroleum gas tanker, Sunny Bright, would navigate the north-bound route on November 15 after discharging cargo in China.
The Panama Canal Authority has officially confirmed the establishment of a new record during the auction held on November 8. However, the authority has chosen to withhold the identity of the auction winner at this time.
In recent months, the extreme drought has forced the Canal to implement various measures in order to preserve water, including gradually reducing the booking slot number to 24 per day, compared to the normal 36.
Considering that the Canal’s peak period is underway due to Christmas approaching, it remains to be seen how the shipping industry and the Canal itself will tackle the issue.
