Panama Canal introduces new long-term slot allocation method

05.08.2024

The Panama Canal announced the introduction of a Long-Term Slot Allocation (LoTSA) Method for Neopanamax vessels, as part of the Transit Booking System.

With this new measure, Panama Canal aims to increase transit certainty and flexibility for its clients.

Currently, the slot offering in the Transit Booking System is done daily with an anticipation period before the required transit date.

Through this method, explains Panama Canal, 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.

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 be announced through the Booking Slot Projected Availability published on the website pancanal.com and will be awarded to the highest bidder through an auction.

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 US$200,000.