Asian shipper pays record US$5.3 million for Panama Canal access

A shipper needing to transit the Panama Canal bid a record US$5.3 million to secure its spot, according to people familiar with the matter.South Korea-based SK Gas Ltd agreed to pay the sum to travel the canal on September 1, said the people, who could not be identified as the information was confidential. The fee, determined through an auction run by the canal authority this week, breaks the previous high of US$4.6 million set earlier this month, also paid by a shipper controlling a South Korean vessel.Demand to urgently pass through the waterway has soared after the Iran-war" class="entity-link entity-event" data-entity-id="38748" data-entity-type="event">Iran war upended global trade routes, particularly to Asia. Wait times at the canal have grown to as long as 11 days for vessels that arrive at the waterway without reservations, according to Argus Media.