The Panama Canal Authority has modified its Transit Reservation System tariffs as part of the Complementary Maritime Services tariffs.
These changes include the new Long-Term Slot Allocation technique (LoTSA).
The primary goals of these changes to the Transit Reservation System tariffs are to increase service levels, effectively manage supply and demand, and optimise transit operations.
READ: Panama Canal launches new long-term slot allocation method
Tariffs for the new LoTSA plan will take effect on 1 September 2024. Additionally, as of 1 January 2025, adjustments to charges, changes in the tariff structure, and the introduction of new tariffs will be implemented.
The modifications are intended to provide flexibility in slot switching and substitute services.
They also contain fees to discourage last-minute cancellations and give transit options to vessels that have not yet secured a slot but have already arrived in Canal waters, with the goal of maximising the waterway’s capacity and reducing wait times.
