Defense & Geopolitical Fragmentation▲
SK Gas Pays Record $5.3 Million for Panama Canal Slot
South Korea's SK Gas Ltd. has agreed to pay a record $5.3 million in an auction to secure passage for its LPG carrier, the G. Spirit, through the Panama Canal on September 1, amid surging demand for the route following the Iran war's impact on global trade. The price breaks the previous record of $4.6 million, set just in early August, also by a South Korean operator. According to Argus Media, ships without a reservation may face waits of up to 17 days. Meanwhile, the Panama Canal Authority plans to restrict the number of vessels and cargo volumes starting in September due to drought risks from El Niño. Before February, the average auction price was just $55,000, but it has now surged nearly 100-fold, reflecting significantly increased demand.