Nov 8, 2023 at 10:08 PM Update: 4 hours ago
The Japanese company Eneos Group has paid a record amount of 4 million dollars (more than 3.7 million euros) to get a place in the queue for the overcrowded Panama Canal in Latin America. This is evident from auction documents.
The amount that Eneos Group pays is in addition to the regular toll that shippers pay to sail through the canal. This can amount to hundreds of thousands of dollars.
Due to persistent drought, fewer ships can pass through the Panama Canal. This is an important passage route for ships that want to sail from the Pacific Ocean to the Atlantic Ocean and vice versa.
Now a line has formed of ships waiting their turn. At the same time, the channel’s operator organizes auctions for shippers to move up in line.
This allowed Eneos Group to expedite its cargo through the Panama Canal. The company’s shipping division transports various commodities, such as crude oil and chemicals.
Beeld: Getty Images
Read more about:
Economy
2023-11-08 21:08:18
#Japanese #company #pays #million #front #Panama #Canal #queue #Economy
