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Auctions for transit slots on the Panama Canal have seen a dramatic increase in bids, with one owner paying $2.4 million recently. The Panama Canal Authority holds auctions for spot transits, allowing owners without reservations to skip the queue. However, with only 32 transits permitted per day, bids have soared. This has led to owners paying close to $3 million to get their ships through the canal, leading some to consider alternative routes such as the Suez Canal or the Cape of Good Hope.
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