LPG Supertanker Pays $4.6 Million to Skip Panama Canal Queue

The Panama Canal Authority will allow the G. Arete, an empty liquefied petroleum gas supertanker, to bypass the transit queue next week following a $4.6 million auction payment. This fee surpasses a recent $4 million payment made by a container ship to secure a priority slot.

Owned by SK Shipping Co., Ltd., the G. Arete is currently positioned near Balboa as it prepares for its crossing to the Caribbean. The surge in auction prices follows a spike in traffic caused by the Iran war, which has disrupted global trade routes and energy flows. These geopolitical tensions coincide with falling water levels that have further extended wait times for vessels.

Some Neopanamax-size vessels without pre-booked slots have faced wait times of up to 11 days for Pacific-to-Atlantic transit, marking the highest delay since May.