Panama Canal transit auction bids exceed $1 mln as demand surges

Some ​shipping vessels ‌have recently paid ​more than $1 million at ‌auction to secure transit slots through the Panama Canal, the canal's authority ‌said on Tuesday, citing shifts ‌in global trade supply and demand.

The Panama Canal Authority (ACP) said ⁠the ​high ⁠bids reflect temporary market fluctuations rather than ⁠tariff increases set by the waterway.

While ​median auction prices historically averaged ⁠around $55,000 between October and February, ⁠recent ​high demand has pushed median prices to roughly three ⁠times that level, according to the ⁠authority.