The Panama Canal Authority has announced modifications to the Transit Reservation (Booking) System, effective September 18, 2024, which will impact slot allocation for Panamax Plus vessels, the Transit Date Advancement Service, and In-Transit Time (ITT) for booked vessels.
Slot Allocation for Panamax Plus Vessels
- Auction Process: After the Neopanamax tiebreaker competition, any unallocated conditioned slots for booking dates starting October 2, 2024, will be auctioned to Panamax Plus or Neopanamax vessels. The minimum bid for these slots is set at $100,000. Slots will carry over to the next booking period if not awarded during the auction.
- Limitations: The existing rule limiting one Panamax Plus vessel per transit date remains in effect.
Transit Date Advancement Service
This service will be recognised once a vessel arrives at the first set of locks on its approved transit date, regardless of its In-Transit Time (ITT).
Arrival Time Requirements (effective October 1, 2024):
- Neopanamax and Panamax Plus: Arrive by 2200 hours the day before the advancement date; LNG carriers by 0200 hours on the advancement day.
- Supers and Regular Vessels with Restrictions: Arrive by 0200 hours on the advancement day; from January 1, 2025, by 2200 hours the day before.
- Regular Vessels without Restrictions: Arrive by 1400 hours on the advancement day.
Late Arrival Penalties
Vessels arriving late may incur a forfeiture fee but can maintain their advancement status by opting for a late arrival option, subject to an additional fee. Cancellations may occur without charge under specific conditions outlined in the regulations.
In-Transit Time (ITT) Regulations
Starting January 1, 2025, the maximum ITT will be limited to 24 hours unless otherwise specified by the Panama Canal Authority. Long-Term Slot Allocation vessels will continue to follow an 18-hour ITT rule.
For further details or enquiries, please contact Panama.ISSOPS@iss-shipping.com or +507 279 4110 / +507 6673 8417.