https://fortune.com/2023/11/08/panama-canal-congestion-record-4-million-skip-line/

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Finance *Panama

The Panama Canal is so congested that one ship owner just paid a
record $4 million to skip to the front of the line

BYRuth Liao, Anna Shiryaevskaya and Bloomberg
 
 
 
 
[GettyImage][GettyImage]
Panama Canal.
Walter Hurtado/Bloomberg via Getty Images

A shipper has paid nearly $4 million to jump to the front of the line
at the congested Panama Canal waterway, a record high. 

Japan's Eneos Group paid $3.975 million in an auction Wednesday to
secure the crossing, bidding documents show. That comes on top of the
regular transit fees companies pay, which can be hundreds of
thousands of dollars more.

"You are getting close to $4.5 million to use the canal, so that is
pricing out a lot of ships," Oystein Kalleklev, chief executive
officer of Flex LNG Ltd. and Avance Gas Holding Ltd., said during a
conference call Wednesday when asked about the state of the canal.

Eneos' shipping division transports various commodities, including
crude oil, liquefied petroleum gas, chemicals and bulk cargo. Eneos
and the Panama Canal Authority didn't respond to a request for
comment.

A queue of ships waiting to use the canal has been growing in recent
months amid a deep drought. To manage the situation, the canal's
managing authority has announced increasingly drastic restrictions
for the depleted thoroughfare. The Panama Canal Authority also holds
auctions for those wishing to jump to the front of the line.

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