Record US$5mil paid to cross Panama canal

The fee, determined through an auction run by the canal authority this week, breaks the previous high of US$4.6mil set earlier this month, also paid by a shipper controlling a South Korean vessel. — Bloomberg

PANAMA: A shipper needing to transit the Panama Canal bid a record US$5.3mil to secure its spot, according to people familiar with the matter.

South Korea-based SK Gas Ltd agreed to pay the sum to travel the canal on Sept 1, said the people, who could not be identified as the information was confidential.