Ship Owner Pays $4 Million to Bypass Panama Canal Queue

Seaspan ULC paid $4 million in a Panama Canal Authority auction on August 11, 2026, to bypass a 10-day transit queue for its container ship, the Seaspan Benefactor. This payment more than doubled the average auction price recorded over the previous seven days.

Congestion at the canal has intensified as shipping companies divert vessels to avoid the Strait of Hormuz and Bab el-Mandeb due to the Iran war. The Panama Canal Authority noted that auctions have experienced an increase in market costs due to shifts in global trade supply and demand.

Additional bottlenecks stem from scheduled maintenance outages at the locks through September. Furthermore, lower-than-expected rainfall linked to the El Niño phenomenon has forced the reduction of maximum allowed drafts in Neopanamax locks, further restricting traffic flow.