CORRECTED: U.S. cruise ship pays fortune to cross Panama

(Corrects first paragraph to read one of highest ever but not a record after Panama Canal Authority corrected information)

By Andrew Beatty

PANAMA CITY (Reuters) - A U.S.-owned cruise ship has paid one of the highest ever amounts -- $283,400 -- to cross the Panama Canal as vessels fight for space in the increasingly congested waterway, authorities said on Tuesday.

The 964-foot (295-meter)-long Disney Magic, owned by a subsidiary of Walt Disney Co, paid the amount on May 16, the Panama Canal Authority said. The ship sails out of Port Canaveral, Florida, and is registered in the Bahamas.

Three container ships also recently paid more than $313,000 to go through the canal.

Non-reserved slots for crossing the canal are sold at auction to the highest bidder, with yachts, cruise liners and container vessels all competing for limited spaces on the 50-mile (80-km) waterway between the Atlantic and Pacific.

Companies shipping goods between Asia and the U.S. East Coast are willing to pay higher prices to cross the canal to save time and avoid docking goods at ports in Mexico and Central America and transporting them over land.

The canal also allows cruise ships to journey from the Caribbean to the Pacific. The Disney Magic vessel offers cruises from Florida to Los Angeles, and crossing the Panama Canal is one of the highlights for tourists.

Last year, the U.S.-built canal started a $5.25 billion expansion plan, but work won't be completed until 2014.