Panama Canal Offers Shippers More Flexible Booking System
Change Comes as Canal Is Benefiting From Higher-Than-Average Water Levels
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The Panama Canal Authority is offering shippers a more flexible system for booking passage through the waterway so that customers can better align transit with changing market conditions.
Instead of locking in plans for a full year, the program will allow companies to commit in six-month blocks, the authority said in a statement Sept. 29. The change will enable shippers to adjust their schedules based on shifting cargo volumes, seasonal demand or strategic changes in their fleets.
The increased flexibility comes as the canal is currently benefiting from higher-than-average water levels. That’s a far cry from 2023, when a drought forced it to restrict vessel traffic. The move upended global shipping and raised freight costs. Under normal conditions, the Panama Canal handles about 3% of global maritime trade volumes.
Customers can now reserve transit dates up to 15 days in advance, and higher bids will give customers better access to date selections, the authority said. The first six-month cycle will start Jan. 4, and the bidding round will take place Oct. 28. The canal authority is also reinstating an advanced access rule for liquefied natural gas, or LNG vessels, that operate under strict delivery schedules.
“Customers can choose the plan that best fits their fleet dynamics and business goals,” it said in the statement.
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