- G. Arete paid a record $4.6 million to skip the line at the Panama Canal next week as the Iran war and an intensifying situation upend global trade routes.
- The payment allows liquefied petroleum gas tanker G. Arete to speed through to the Caribbean side of the canal from the Pacific Ocean, according to traders, brokers, and a shipping report seen by Bloomberg.
- Earlier this week, a container ship paid a near-record $4 million to skip the line, as war-related congestion and falling water levels increase wait times.
- Ships seeking to cross the waterway typically pay a flat rate via a reservation process, but the canal authority also offers an auction system to bypass the regular queue.
- Customers are shelling out millions to use the workaround, as the Iran war leads to more traffic through the key conduit.
- G. Arete is currently sailing around Panama's south coast and signaling Balboa, a region where vessels typically wait to cross from the Pacific to the Atlantic Ocean.
- At present, some Neopanamax-size vessels without booked transit slots have waited up to 11 days to secure passage at auction, the highest since May for Pacific-to-Atlantic transit, according to data from Argus Media.
An empty gas supertanker, G. Arete, has made headlines by paying a record $4.6 million to bypass the line at the Panama Canal next week. This unprecedented fee comes amid the ongoing Iran war and falling water levels, which have significantly impacted global trade routes and increased congestion.16
The payment, made through an auction process, allows G. Arete to transit from the Pacific Ocean to the Caribbean side of the canal, a crucial route for liquefied petroleum gas (LPG) shipments. This fee surpasses the previous near-record of $4 million paid earlier this week by a container ship, highlighting the escalating costs associated with navigating the canal during these turbulent times.3
As the Iran war continues to disrupt energy flows, the Panama Canal has seen a surge in traffic, with some vessels waiting up to 11 days for passage, the longest wait since May for Pacific-to-Atlantic transit, according to data from Argus Media. The canal authority's auction system has become a lifeline for ships seeking to avoid lengthy delays, with customers willing to pay millions for expedited transit.57
Currently, G. Arete is sailing around Panama's south coast, signaling Balboa, where vessels typically wait to cross. The U.S. remains a major supplier of LPG to East Asia, making the canal a vital conduit for trade between these regions.
“The fee, paid via auction, lets the LPG tanker G. Arete speed from the Pacific to the Caribbean side, with some Neopanamax vessels waiting up to 11 days for passage. The payment exceeds the near-record $4 million paid earlier this week for a container ship.”
Yahoo Finance
