Sk Gas

The Panama Canal set a new single-trip toll record of $5.3 million, paid by South Korea's SK Gas Ltd. for an auctioned transit slot for the LPG carrier G. Spirit on September 1st. The winning bid, confirmed by canal officials, secures a northbound crossing to move the vessel toward the Houston Ship Channel for loading LPG destined for East Asia. This record premium reflects the urgency to avoid delays amid tight LPG shipping windows, with unbooked ships facing waits of up to 11 days. The canal authority has reduced daily transits to 34 in early September and 32 later in the month due to El Nino-related drought, while the Iran war has disrupted energy trade patterns, increasing the need for rapid LPG movement. The bid far exceeds the median auction price of about $55,000 between October 2025 and February 2026, and tops the previous record of $4.6 million for an SK Shipping LPG carrier. The all-in cost will be higher once regular tolls and other charges are added.