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Market Chatter: Panama Canal Transit Slot Reportedly Fetches Record $5.3 Million Bid

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South Korea's SK Gas agreed to pay a record $5.3 million for a slot to transit the Panama Canal on Sept. 1, Bloomberg reported on Tuesday.

The auction price, set by the Panama Canal Authority, reportedly surpassed the previous record of $4.6 million set earlier this month. The winning bid allows SK Gas' LPG tanker G. Spirit to travel northbound through the canal.

Demand for canal crossings has surged as disruptions to global trade routes have increased, with vessels arriving without reservations facing waits of up to 11 days, Bloomberg said, citing data from Argus Media.

Bloomberg said the canal authority is also reducing available slots and cargo limits from September amid drought concerns.

The Panama Canal Authority and SK did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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