Panama Canal introduces new booking system for large vessels

The Transit Booking System updates were announced through an Advisory to Shipping. Currently, transit slots are offered daily in advance of the required transit date. Under the new system, transit booking slot packages for January of the following year will be made available to different market segments, allowing clients to secure multiple bookings in a single transaction.

Each package will include a specific number of slots with weekly or monthly frequency, covering both northbound and southbound transits. The details of these packages will be published on the website in the Booking Slot Projected Availability section. The slots will be awarded to the highest bidder through an auction.

Bidders will submit sealed bids, specifying the maximum amount they are willing to pay per slot. Additionally, the LoTSA method will be integrated into these packages with varying availability. Auctions will commence on September 2, 2024, ahead of booking dates from January 5, 2025, to January 3, 2026.

This new system aims to facilitate long-term reservations and adapt to the evolving needs of the maritime industry, according to a statement by the Panama Canal Authority. Deputy Administrator Ilya Marotta recently informed Reuters that canal operations are nearly back to normal, with 34 transits daily, expected to increase to 35 by August 5, and further to 36 a day by September.