The Panama Canal Authority addressed a report about an LPG vessel allegedly paying $4 million to expedite its transit, clarifying that this reflects temporary market conditions rather than a fixed fee. The authority emphasized that auction values are influenced by various factors, including urgency, freight rates, and global supply-demand dynamics.
This statement came in response to a Bloomberg report highlighting the congestion at the canal, which has intensified due to disruptions in trade caused by the Iran war. As a result, there has been an increase in traffic through the canal, with more shipments moving from the U.S. to Asia and other regions.
Despite the challenges posed by geopolitical tensions and market volatility, the Canal Authority reassured that operations remain reliable. They also noted that their wait-time data might exaggerate delays, as it includes vessels arriving early for their reserved slots.
As of Thursday, there were 102 vessels with reservations and 25 waiting without booked slots. In the first half of fiscal 2026, the canal saw a 3.7% increase in transits, totaling 6,288 oceangoing vessels, with daily averages rising significantly in early 2026.
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