NewzThe South Korean company SK Gas paid a record US$5.3 million to secure priority passage for its tanker, the G Spirit, through the Panama Canal. The transit took place on September 1, occurring just days before canal authorities implemented restrictions on the number of daily transits due to ongoing drought conditions linked to the El Niño weather phenomenon.
Panama has officially declared an El Niño emergency as water levels in the canal continue to drop, necessitating the new operational constraints. The record payment highlights the increasing costs and logistical challenges faced by shipping companies as climate-related water shortages impact one of the world's most critical maritime trade routes.
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