A tanker set a new benchmark by paying an unprecedented $5.3 million for expedited transit through the Panama Canal. This payment not only guarantees quick passage before El Nino triggers further shipping limitations but also comes as Panama declares a state of emergency over drought-induced low water levels.

A liquefied petroleum gas tanker has paid a record R84.8 million for priority passage through the Panama Canal, ahead of transit restrictions linked to El Niño and severe drought.

The US-built canal's main users are the United States, China, Japan, Chile and South Korea.

A tanker carrying liquefied petroleum gas has paid $5.3 million for priority passage through the Panama Canal ahead of El Nino-related restrictions, the waterway’s deputy…