Panama Canal seeks more long-term clients
Panama Canal Introduces New Long-Term Slot Allocation System to Enhance Transit Certainty
The Panama Canal Authority (ACP) has announced the implementation of a new long-term slot allocation system starting in October, aimed at enhancing transit certainty and flexibility for its larger neopanamax locks. This new method will allow different market segments to access several transit booking slot packages, enabling a single client to secure multiple bookings in one transaction.
The bidding process for these slots will be conducted through a sealed bidding system, with the first calendar year covering booking dates from January 5, 2025, to January 3, 2026. This approach is designed to streamline operations and provide more predictability for clients navigating the canal.
In response to a severe drought that has affected the region since May of the previous year, the ACP has been actively working on solutions to improve water security. Among these efforts is the preparation for a $2 billion expansion of one of the canal’s water reservoirs, with construction expected to take between 18 to 24 months following approval by Panama’s Supreme Court.
