Record $4.6 million paid to skip Panama canal queue

An empty LPG tanker has secured priority passage through the Panama Canal with a record $4.6 million auction bid. The record payment was reported by Bloomberg and later covered by GCaptain .

The fee will allow the G. Arete to move from the Pacific side of the canal to the Caribbean side without waiting in the regular queue. The tanker is owned by South Korea’s SK Shipping.

The $4.6 million bid is the highest recorded payment for a Panama Canal transit. A shipper also paid $4 million earlier this week to move a container vessel ahead of the queue.

Demand for canal transits has increased as the war involving Iran changes global trade routes. At the same time, a stronger El Niño is raising concerns about drought in Central America. The 2023–2024 El Niño caused severe drought in Panama and forced some ships to use other routes.

The Panama Canal Authority said recent median auction prices have tripled. Median prices were around $55,000 between October 2025 and February 2026.

Ships normally use a reservation system to cross the canal. Those without a booked slot can use an auction to get priority. Some Neopanamax vessels without booked slots have recently waited up to 11 days for a Pacific-to-Atlantic transit, according to Argus Media.

The previous record payment was $4.2 million earlier this year. The latest bid shows how high the cost of avoiding delays at the Panama Canal has become.

 

Picture: Aris Martinez/Reuters/Ritzau Scanpix