Asian shipper pays record US$5.3 million to cross Panama Canal

A shipper needing to transit the Panama Canal bid a record US$5.3 million to secure its spot, according to people familiar with the matter.South Korea-based SK Gas 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.The fee, determined through an auction run by the canal authority this week, breaks the previous high of US$4.6 million set earlier this month, also paid by a shipper controlling a South Korean vessel.Demand to urgently pass through the waterway has soared after the Iran war upended global trade routes, particularly to Asia. Wait times at the canal have grown to as long as 17 days for vessels that arrive at the waterway without reservations, according to Argus Media.The Panama Canal authority has