A container ship has paid roughly $4 million to bypass a growing queue at the Panama Canal, where vessels now face waits of about 10 days, the longest backlog since May.
The Seaspan Benefactor, a 10,100 TEU vessel, secured the slot through daily auctions run by the Panama Canal Authority (ACP). Average auction prices have reached about $1.1 million in August, more than 16 times the level a year earlier, with some bids approaching $3.78 million. The backlog swelled to 113 ships by early August, up from 40 in January.
The ACP has imposed draft restrictions forcing ships to carry lighter cargoes, with further limits due by early September. Water levels in Gatun Lake, which feeds the canal, remain below historical averages as the El Niño weather pattern brings prolonged drought.