SK Gas has agreed to pay a record-high USD 5.3 million (approx. 7.3 billion KRW) as a fast-track 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 USD 4.6 million (approx. 6.4 billion KRW) set by SK Shipping earlier this month.

With this auction win, SK Gas's liquefied petroleum gas (LPG) carrier G. Spirit has secured passage northward through the canal.

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

As the war involving Iran has constricted global trade routes—particularly those heading from Western nations to Asia—demand for Panama Canal transit has surged.

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

The transit slot secured by SK Gas is obtained through an auction held by canal authorities for ships that failed to secure a reservation or urgently need to transit, meaning the winning bid effectively functions as a fast-track fee.

Considering the potential for 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 vast majority of ships utilize the reservation system.

Recent auction results featuring these fast-track fees demonstrate that "demand has become quite strong," jumping significantly from the average auction price of USD 55,000 prior to February, the authority noted.

One of the factors driving up transit costs is the El Nino phenomenon occurring in the Pacific.

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

(Photo: AP, Yonhap News)