by Manal Barakat, SeaNewsEditor

The Panama Canal Authority (ACP) has announced new modifications to its Transit Reservation System, introducing the Long-Term Slot Allocation (LoTSA) initiative for Neopanamax vessels.

According to the Canal, this initiative seeks to enhance the certainty and efficiency of transit bookings, aligning with current market conditions and customer feedback.

The LoTSA will offer transit booking slot packages to various market segments, including a specific number of weekly or monthly slots per calendar year for northbound and southbound transits.

"Four slots from the Neopanamax daily offer will be allocated through the LoTSA method, for a total of 28 slots per week, beginning with week one and extending through week 52 per year," says the Canal.

Through this initiative, the ACP also promotes environmental sustainability, encouraging efficient water use and reducing carbon emissions.

The first auctions for the LoTSA initiative will begin on 2 September 2024, for booking dates from 5 January 2025 to 3 January 2026.