Panama Canal transit costs remain near record levels as lower water levels, maintenance at key locks and shipping rerouted from Middle East conflict strain capacity at the global trade chokepoint. Container ship Seaspan Benefactor paid roughly $4 million to jump the queue for a Pacific-to-Atlantic transit, matching the scale of prices seen during the 2023 drought crisis. Wait times for ships without reserved slots have stretched to about 10 days, while the Panama Canal Authority has reduced the maximum authorised draft in Neopanamax locks amid lower-than-expected rainfall linked to El Niño. The authority said auction prices have risen with shifts in global trade supply and demand and acknowledged some bids have exceeded $1 million. The latest payment underscores how quickly costs can escalate when weather-related constraints in Panama collide with cargo flows displaced by disruption at the Strait of Hormuz and the Bab el-Mandeb.