- Panama Canal launches Long-Term Slot Allocation (LoTSA) on September 1, 2024.
- Future Changes: Additional tariff adjustments and new charges start January 1, 2025.
- Enhanced Efficiency: Updates aim to optimize Canal use and reduce wait times.
The Panama Canal Authority is making important changes to its Transit Reservation System tariffs as part of its ongoing efforts to provide better service to customers. These changes include the introduction of a new Long-Term Slot Allocation method (LoTSA) and adjustments to the tariff structure, reports Canal De Panama.
Long-Term Slot Allocation Method (LoTSA)
Starting September 1, 2024, the Panama Canal will implement the LoTSA scheme, designed to offer more certainty, predictability, and reliability. This new method aims to improve service levels, manage supply and demand better, and optimize transit operations.
On January 1, 2025, further changes will be made, including adjustments to charges, a new tariff structure, and the introduction of additional tariffs. These modifications are intended to enhance flexibility in slot swapping and substitution services.
Discouraging Last-Minute Cancellations
The changes also introduce charges to discourage last-minute cancellations and provide alternatives for vessels that haven’t secured a slot but have already arrived in Canal waters.
This will help optimize the Canal’s capacity and minimize waiting times.
Customer Experience
These updates are aimed at providing a better experience and greater convenience for customers while ensuring the efficient use of Canal resources.
With these actions, the Panama Canal reinforces its commitment to improving service levels and promoting sustainable practices in the maritime sector.
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Source: Canal De Panama
