LPG Tanker Pays Record $4 Million for Panama Canal Slot

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.

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