Vessel Pays $3.7 Million to Speed Through Panama Canal on Tuesday

According to the Panama Canal Authority, on Tuesday, a vessel paid $3.7 million in an auction to secure faster passage through the canal. The authority said the result reflected "demand for canal transit capacity at specific time windows."

The authority declined to disclose the vessel's name or other transaction details. A previous record high was set in April when a liquefied petroleum gas carrier paid $4 million for similar priority booking.