World
Panama Canal: Ship Pays Record $5.3 Million for Priority Passage
A ship paid a record $5.3 million to secure priority passage through the Panama Canal, according to Le Monde. Falling water levels, attributed to El Niño, are limiting transit opportunities and increasing competition among vessels. El Niño is a cyclical oceanographic phenomenon associated with above-average water temperatures in the eastern South Pacific. Against this backdrop, auctions for priority passage through the canal are reaching unprecedented levels.