The Panama Canal Authority has announced that the new Long-Term Slot Allocation (LoTSA) methodology will be implemented starting October 1, 2024, for all market segments except LNG and LPG. This decision comes after feedback from the container market segment, requesting additional time to evaluate the initiative, leading to a postponement for those segments.
Implementation Timeline Adjustments
- The implementation of the LoTSA methodology for Neopanamax vessels is set to begin on October 1, 2024, with exceptions for LNG and LPG segments, which will follow the previously announced schedule.
- The full container market segment has been given extra time to adapt, with the revised timeline allowing for more thorough evaluation and participation.
Sealed Bidding Process
- The sealed bidding process for slot packages will commence with LNG/LPG segments on September 9 and 11, 2024, followed by full container segments on October 1 and 3, 2024. The bidding will cover booking dates from January 5, 2025, to January 3, 2026.
- This process is designed to enhance transit certainty and flexibility, offering clients the ability to secure multiple bookings in one transaction.
Current Customer Ranking Mechanism
- The current customer ranking mechanism will remain unchanged until at least December 31, 2025, ensuring stability during the transition to the new system.
- This continuity is meant to provide assurance to customers while they adjust to the new LoTSA methodology.
This new approach by the Panama Canal Authority aims to improve the booking system’s efficiency, providing more certainty and flexibility for customers navigating the canal.
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Source: CANAL DE PANAMA
