The conflict in Iran has driven vessels to seek alternative routes, causing wait times at the Panama Canal to exceed one week, with one container ship paying $4 million to jump the queue. According to sources who requested anonymity because bidding data is not public, the near-record bid amount was paid by the owner of the Seaspan Benefactor. Seaspan did not respond to requests for comment on Tuesday.

Typically, ships can traverse the canal by booking passage and paying standard fees. However, the Panama Canal Authority also offers clients a bidding option to skip the line. Shipowners are spending millions of dollars to use this auction mechanism and secure priority passage, as the conflict in Iran has worsened congestion on the canal connecting the Atlantic and Pacific Oceans.

Heavy disruptions to traffic on two key maritime routes in the Persian Gulf—first the Strait of Hormuz and more recently the Bab el-Mandeb Strait—have prompted buyers and sellers of oil, gas, fertilizers, and chemical products, particularly in Asia, to scramble for alternative shipping lanes. Argus Media reports that Neo-Panamax vessels, such as those carrying liquefied petroleum gas, liquefied natural gas, crude oil, and refined products, that have not pre-booked transit slots are now facing a 10-day queue, the longest wait time from the Pacific to the Atlantic since May.