Panama Canal to Implement Long-Term Slot Allocation System

Starting in October, the Panama Canal will introduce a new long-term slot allocation system aimed at enhancing transit certainty and flexibility, particularly for the larger neopanamax locks.

The Panama Canal Authority (ACP) announced that this new system will offer multiple transit booking slot packages to various market segments, allowing a single client to secure several bookings in one transaction.

The sealed bidding process for the first year of this new system will cover bookings from January 5, 2025, to January 3, 2026.

Following a challenging 12-month period of severe drought starting in May last year, the ACP has been exploring solutions to ensure better water security for the canal.

In response to these challenges, the ACP has revealed plans for a $2 billion expansion of one of the canal's water reservoirs. This project, recently approved by Panama's Supreme Court, is expected to take 18 to 24 months to complete.