Winning bids for an unreserved Panama Canal crossing have reached $5.3 million, a record set by SK Gas for an LPG carrier’s northbound transit, per Kuehne+Nagel. The canal’s new administrator, Ilya Espino de Marotta, told the WSJ that some large ships have recently paid up to $5 million.
Shippers routing Asia cargo to the East and Gulf Coasts through Panama now decide whether to keep paying rising canal surcharges or move more boxes through West Coast ports and rail.
The canal cut daily transits to 32 from 36 in two steps this month, leaving nine slots a day at the Neopanamax locks and 23 at the Panamax locks. It also split its daily auction into four vessel groups: LNG and LPG carriers, dry bulk and general cargo, container and vehicle carriers, and tankers. A ship that already holds a booking for a date can no longer buy a second slot for it at auction.
The canal postponed a cut in the Neopanamax draft limit to 47.5 feet that had been set for Oct. 1, keeping it at 48 feet.
MSC raised its Panama surcharge to $149 per TEU this month on cargo from Asia to the US East and Gulf Coasts. CMA CGM raised its charge on the same trades to $500 per TEU, per Supply Chain Dive.
During the last El Niño, Eneos paid $3.98 million for a slot in 2023, a record at the time, per Maritime Executive. The canal cut crossings to 22 a day that December. This summer it already pulled last-minute auction slots as the water dropped.
The canal said fewer daily transits may increase waiting times for ships without a reservation.
