The Panama Canal has announced that the new Long Term Slot Allocation (LoTSA) methodology will be implemented beginning October 1, 2024, for all market segments except LNG and LPG.
In early August, the Panama Canal announced the introduction of a Long-Term Slot Allocation (LoTSA) Method for Neopanamax vessels, as part of the Transit Booking System, to increase transit certainty and flexibility. Following the announcement of the LoTSA methodology, several customers from the full container market segment have requested additional time to properly evaluate this new initiative.
In response to these requests, the implementation date for these segments has been postponed, allowing for greater participation and to ensure the success of the LoTSA methodology.
The introduction of the Long-Term Slot Allocation Method for Neopanamax vessels, as part of the Transit Booking System, was developed to increase transit certainty and flexibility for clients.
Through this method, several transit booking slot packages will be offered to different market segments; meaning a single client will be able to obtain multiple bookings in one transaction.
The sealed bidding process for the first calendar year period for booking dates from January 5, 2025, to January 3, 2026, will be held as shown in the following table:
|
Market Segment |
Number of Packages | Slots per Package | Auction Opening Date |
|---|---|---|---|
| LNG/LPG | 6 | 24 | September 9, 2024 |
| 18 | 12 | September 11, 2024 | |
| Full Containers | 7 | 104 | October 1, 2024 |
| All | 7 | 52 | October 3, 2024 |
| 1 | 6 | October 7, 2024 |
To remind, The Panama Canal is also set to complete a billion-dollar construction project of a new water reservoir within six years, as announced by Canal Administrator Ricaurte Vasquez.
