A South Korean company, SK Gas, paid a record $5.3 million for priority passage through the Panama Canal on September 1, ahead of planned restrictions due to an El Niño-related drought. The payment is significantly higher than the average price of around $55,000 paid at auction between October 2025 and February 2026. The drought has depleted water reserves needed to operate the canal, with rainfall deficits reaching up to 60% on Panama's Pacific side. The Panama Canal Authority will reduce daily transits from 36 to 34 starting September 3, and further to 32 later in the month.
Written by the local model on 2026-08-28,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
A tanker carrying liquefied petroleum gas called G. Spirit paid a record $5.3 million to transit the Panama Canal on September 1, two days before authorities were due to reduce daily transits from 36 to 34 due to El Niño-related restrictions. The payment was made by South Korean company SK Gas, which is one of the main users of the canal along with the US, China, Japan, Chile, and South Korea. This record-breaking payment comes as Panama declared an emergency over El Niño, citing a severe regional drought that has depleted water reserves needed to operate the canal. The drought has caused rainfall deficits of up to 60% on the country's Pacific side and water stress in 11 watersheds**.
Written for “Panama Canal Prices Rising” on 2026-08-31,
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No political leaning scored for article 3110 · logged 2026-08-28
The US-built canal's main users are the United States, China, Japan, Chile and South Korea.
asserted
users → build → ?
A tanker carrying liquefied petroleum gas paid a record $5.3 million (€4.5 million) for priority passage through the Panama Canal ahead of El Niño-related restrictions, the waterway's deputy administrator told AFP on Thursday.
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administrator → carry → Thursday
South Korean company SK Gas paid the record sum for the G. Spirit to transit the canal on 1 September, two days before authorities are due to reduce the number of daily transits due to the El Niño weather phenomenon, Bloomberg reported.
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Bloomberg → pay → phenomenon
Panama declared an emergency over El Niño on Tuesday as a severe regional drought continues to deplete the water reserves needed to operate the canal.
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drought → declare → canal
Rainfall deficits have reached up to 60% on the country's Pacific side, while 11 watersheds are already experiencing water stress.
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watersheds → reach → stress
Central America is in the throes of a severe drought driven by El Niño, a weather pattern that warms surface temperatures in the central and eastern equatorial Pacific Ocean, triggering worldwide changes in winds, atmospheric pressure and rainfall.
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that → drive → winds
Ships usually book their Panama Canal passage well in advance, while those without reservations face an average wait of five days.
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those → book → days
Last-minute slots can also be secured through an auction.
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slots → secure → auction
The Panama Canal Authority said the average price paid at auction between October 2025 and February 2026 was around $55,000 (€47,000).
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price → say → October
In April, however, a vessel carrying liquefied natural gas paid $4 million (€3.4 million) to skip the queue and avoid delays as the war in the Middle East increased demand for moving vital cargo through the canal.
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war → carry → canal
The waterway, which handles around five percent of global maritime trade, will reduce daily transits from 36 to 34 from 3 September, before cutting them further to 32 later in the month.
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which → handle → month
In 2023 the water level in the lakes feeding the canal was so low the waterway's operators cut the daily ship transit number from 38 to 22.
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operators → feed → 22
El Niño is expected to intensify in the coming months, with its effects potentially lasting until May 2027.
uncertain
effects → expect → May
