A liquefied natural gas (LNG) carrier has paid a record $5.3 million for priority transit through the Panama Canal, which has restricted passages due to dropping water levels.
Sea-news.az reports citing an interview given by Panama Canal Administrator Ilya Espino de Marotta to Agence France-Presse, that this is the highest amount ever recorded for a single transit slot.
“Recently, we received three bids at quite high prices,” she emphasized, noting that this payment represents an all-time high.
Drought and Water Level Pressures
Last week, canal authorities decided to reduce daily vessel transit limits due to below-average rainfall affecting water levels in the region. Precipitation in the canal basin over the past four months has been 34% below normal, while water inflow into the basin dropped 44% below average.
Auction System and Surging Demand
While standard canal transits are scheduled through a regular booking system, priority passage slots can be acquired via auction. In April, following a surge in demand and a critical need for hydrocarbon transport driven by the closure of the Strait of Hormuz, a vessel paid nearly $4 million in a similar auction.
According to the Panama Canal Authority, the average winning bid for the period between October 2025 and February 2026 was approximately $55,000. Since then, average auction prices have surged roughly threefold amid mounting logistical bottlenecks.
