Photo: Adobe Stock / searagen

Panama Canal to introduce new long-term slot allocation method for neopanamax vessels

Thanks to the change, a single client will be able to obtain multiple bookings in one transaction, says the Panama Canal authority.

You can read this article in 2 minutes

The Panama Canal has announced the introduction of a Long-Term Slot Allocation (LoTSA) Method for Neopanamax vessels. The canal says the change is designed to increase transit certainty and flexibility for its clients.

As explained by the Panama Canal Authority’s press release, the slot offering in the Transit Booking System is now to be done daily with an anticipation period before the required transit date.

“Through this method, several transit booking slot packages corresponding to January of the following year will be offered to different market segments; meaning a single client will be able to obtain multiple bookings in one transaction,” says the canal.

According to the Panama Canal Authority, each package will include a specific number of slots with weekly or monthly frequency per year, for both northbound and southbound transits.

These packages, and their characteristics, will then be announced through the Booking Slot Projected Availability published on the website pancanal.com, with the highest bidders snapping them up.

The Panama Canal Authority states that the auction amount of the sealed bid will refer to the maximum amount the customer is willing to pay for each slot included in the package with a starting base of $200,000.00 USD.

These are divided as follows:

  • Period 1 (for bookings 90 days before transit)
  • Period 1A (for bookings from 30 to 15 days)
  • Period 2 (for bookings between 14 and 8 days)
  • Period 3 (for bookings from 7 to 2 days).

The Long-Term Slot Allocation method is added to these with availability within the various slot packages.

The auctions will be held starting September 2, 2024, in advance of booking dates beginning January 5, 2025, through January 3, 2026.

“The Panama Canal remains focused on improving efficiency and responsiveness to the changing needs of the maritime industry. The introduction of this booking method reflects the ongoing commitment to maintaining the Canal as a world-class trade route,” concluded the canal’s announcement regarding the new system.

Tags