As the Panama Canal struggles with an ongoing drought, it seems that a shipping company paid $3.975 million to jump the line at the Canal. The Japanese Eneos Group seems that have made what amounts to the world's largest-ever bid in an auction to expedite passage through the waterway.
The unprecedented bid reflects the enormous strain placed on the Panama Canal during a months-long drought. As of August, more than 200 vessels were clustered at either end of the canal. The canal operates using freshwater rather than seawater, meaning that its complex system of locks is particularly affected by a lack of rainfall. The Panama Canal Company is blaming a severe instance of the El Niño climate pattern.
The canal has repeatedly reduced its capacity — normally about 36 daily transits — and plans to reduce them on an ever-decreasing scale through February 2024, when it plans to allow just 18 through per day. As of Friday, the canal was letting 25 vessels through a day. The delays are expected to last well into the future.
Source: businessinsider.com