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SK Gas Pays Record $5.3 Million Transit Fee to Bypass Panama Canal Delays

Energy Minerals · Oil & Gas Production · yonhap_finance · 2026-08-26

SK Gas has committed a record-breaking $5.3 million in auction fees to secure a priority transit slot through the Panama Canal amid severe shipping bottlenecks.

What Happened

Record Transit Fee: SK Gas has agreed to pay a record $5.3 million in auction fees to secure a priority transit slot through the Panama Canal for its LPG carrier, G. Spirit. This figure surpasses the previous record of $4.6 million set by SK Shipping earlier this month.

Auction Dynamics: The high fee reflects the intense demand for transit slots, as companies compete in auctions to bypass long wait times. Auction prices have skyrocketed from an average of $55,000 in February, signaling significant pressure on global shipping routes.

Supply Chain Constraints: Increased demand for transit, coupled with potential drought conditions caused by El Niño, has created significant bottlenecks. Vessels without pre-booked slots are currently facing wait times of up to 11 days to cross the canal.

Operational Outlook: The Panama Canal Authority plans to tighten restrictions on the number of transits and vessel drafts starting in September due to water level concerns. These environmental and logistical challenges are driving up costs for companies relying on this critical maritime trade artery.

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