Panama Canal introduces LoTSA initiative

The Panama Canal Authority has issued Advisory A-25-2024, announcing an update to its Transit Reservation System through a new initiative named Long-Term Slot Allocation (LoTSA).

Starting January 5, 2025, the ACP will offer Neopanamax vessels long-term transit slot packages through a sealed bid auction. Each week, four slots out of 28 available will be allocated via this method. Auctions for these slots will begin on September 2, 2024, with bids starting at $200,000 per slot.

The slots not allocated through LoTSA will be available through the existing reservation system. Restrictions include a maximum of five Neopanamax vessels per northbound transit and four per southbound transit, with specific limits on daylight-restricted vessels. The ACP is also considering changes to promote environmental sustainability and plans to auction a dedicated monthly slot for vessels meeting green standards starting January 1, 2025.

New arrival time requirements for booked vessels will be enforced, with penalties for late arrivals, excluding commercial passenger vessels. For more details, visit the ACP's website or contact operationservices@pancanal.com.