The Panama Canal is so clogged up that a shipping company paid $4 million to jump the line: report

Thu, 11/09/2023 - 07:27

Three cargo ships wait at the entrance of the Panama Canal at Panama Bay off Panama City, on September 24, 2023. — Cargo ships wait at the entrance of the Panama Canal at Panama Bay off Panama City, on September 24, 2023.
Luis Acosta/Getty Images

Shipping companies are bidding ever-higher amounts to get through the Panama Canal faster.
A Japanese company paid a record $4 million on top of normal fees, Bloomberg reported.
The unprecedented bid reflects the enormous strain on the canal during a period of drought.

A shipping company paid a record $3.975 million to jump the line at the Panama Canal as the crucial waterway struggles through an ongoing drought, Bloomberg reported.