The Panama Canal will offer long-term advance booking of transit slots at its Panamax locks for the first time, the Panama Canal Authority (ACP) said on Monday, as the waterway moves to give shipping companies greater predictability through the dry season.
The new pilot extends the Long-term Slot Allocation program, known as LoTSA, which already serves customers using the Neopanamax locks, the larger of the canal's two lock systems. The upcoming round will cover transits from Jan. 3 to April 3 next year.
Bidding for a space through the Neopanamax lock during this three-month period is scheduled to take place Nov. 17, with 36 packages totaling 270 transit slots on offer - 165 northbound and 105 southbound, the equivalent of three daily transits distributed across different packages.
The race to secure a spot in the new Panamax pilot follows on Nov. 24, with 288 slots available across 51 packages. All slots will be awarded through sealed-bid competitions.
The program is designed to allow customers to reserve their transits early, giving them certainty when planning voyages and supply chains.
The authority said the initiative is particularly relevant as the canal takes steps to sustain operations amid climatic conditions affecting water availability.
Remaining transit capacity is expected to continue being offered through the regular booking system and auctions, the authority added.
Panama Canal extends long-term slot allocation program to Panamax locks
