Panama Canal rolls out new booking system for large vessels

Panama Canal rolls out new booking system for large vessels

The Panama Canal has introduced a new Long-Term Slot Allocation (LoTSA) Method for Neo-Panamax vessels to enhance transit certainty and flexibility. Announced through an Advisory to Shipping, this method offers several booking slot packages for January of the following year to different market segments, allowing clients to secure multiple bookings in one transaction. Each package includes slots with weekly or monthly frequencies for both northbound and southbound transits, awarded through an auction starting at $200,000.

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The auctions, starting on September 2, 2024, will precede booking dates from January 5, 2025, to January 3, 2026. This system aims to facilitate long-term reservations and adapt to the maritime industry’s evolving needs. The Panama Canal Authority (ACP) reported near-normal operations with 34 transits daily, increasing to 35 on August 5 and 36 by September.