SK Gas has agreed to pay a record-high 5.3 million dollars (approx. 7.3 billion won) as an express fee to pass through the Panama Canal on September 1, Bloomberg reported on the 26th (local time), citing anonymous sources.

This amount breaks the previous record of 4.6 million dollars (approx. 6.4 billion won) set by SK Shipping earlier this month.

Through this auction win, SK Gas's liquefied petroleum gas (LPG) carrier, the G. Spirit, secured the right to travel northward through the canal.

According to Bloomberg data, the G. Spirit is currently located on the Pacific side of the canal.

Global trade routes, particularly those heading from Western nations to Asia, have contracted due to the war involving Iran, causing a surge in demand for Panama Canal transit.

Data analytics firm Argus Media reports that waiting times for vessels arriving without a reservation and passing in order have extended to up to 11 days.

The transit slot secured by SK Gas is acquired by participating in an auction held by the canal authority for ships that failed to make reservations or require urgent passage, making the bid effectively function as an express fee.

Considering the possibility of a drought in the region, the Panama Canal authority plans to tighten restrictions on the number of transit permits issued and vessel cargo capacity starting in September.

SK Gas did not respond to Bloomberg's request for comment.

The Panama Canal Authority stated that the majority of vessels utilize the reservation system.

Recent auction results incorporating express fees demonstrate that "demand has strengthened considerably," significantly exceeding the average pre-February auction price of 55,000 dollars, the authority added.

The El Niño phenomenon occurring in the Pacific is cited as one of the factors driving up toll fees.

El Niño causes severe droughts in Panama, lowering the freshwater levels of the canal and hindering vessel operations.

(Photo: AP, Yonhap News)