Panama Canal Adjusts Booking System to Ensure Equitable Slot Access

The Panama Canal Authority announced a series of immediate adjustments to its booking system for Neopanamax vessels, which it says will ensure equitable slot access and increase flexibility for the operators of the largest ships. The changes come after reports of skyrocketing auction prices for slots and ahead of the planned reduction in the number of daily transit slots.

The authority said the changes were being made based in part on customer feedback and the current operating conditions as it continues to deal with the drought caused by the El Niño phenomenon in the Pacific. It said the goal is greater flexibility and improved distribution of slots.

Among the changes that were implemented immediately, as of today, August 30, for booking dates beginning September 13, they are making it possible for Neopanamax operators to obtain more than one reservation slot for the same day and to obtain slots for two or more consecutive days. Customers will also retain the flexibility to swap or substitute vessels, and vessels operating under alliances or vessel-sharing agreements may also participate in eligible swaps or substitutions. Booking date changes are also being permitted as long as a customer does not exceed the maximum number of slots.

A total of 63 Neopanamax reservation slots will be offered each week, which corresponds with the previous announcement that the number of daily transits in the Neopanamax Locks would be reduced by one to nine per day as of September 3. The authority also announced a distribution system for the daily slots, with five for container vessels, three each for LPG and LNG carriers, and three per week for vehicle carriers/Ro-Ros, bulkers, and other segments.

Slots can be reassigned to other segments based on demand to reduce the risk of available capacity going unused. Customers can also exceed the limit on the number of slots when no other customers in the same segment are competing for available capacity.

The authority is continuing to recommend advance reservations, saying that a confirmed reservation is the only means of guaranteeing a specific transit date. However, it will continue the auctions of remaining capacity, and slots awarded through the auctions are not subject to customer limits.

It came as the authority confirmed to AFP (Agence France-Presse) the reports of a record $5.3 million bid at the auction. The South Korean operator SK Gas is said to have placed the bid for its carrier G. Spirit to transit the canal on September 1. AIS signals show the vessel has been in the Panama Anchorage off Balboa since August 19. The bid topped another record in early August, also from the South Korean company, for $4.6 million for a transit slot.

The authority said the median auction price between October 2025 and February 2026 averaged $55,000. It, however, emphasized that the prices reflect market fluctuations and not tariff increases.

“Auction values are determined by multiple factors, including each client’s urgency and commercial priorities, as well as broader supply and demand conditions,” the Panama Canal Authority said.

The online dashboard shows that there are currently 107 vessels with reservations waiting for transit and a further 11 vessels without reservations waiting. The average wait time over the past 28 days has risen to over 10 days northbound but fell to under four days southbound.

Ship operators are reportedly scrambling to find alternatives as it is anticipated the waits will grow when the slots are reduced on September 3. A further reduction of two more slots, to a daily total of 23, is scheduled for September 15 at the Panamax Locks. Bloomberg reports that, as a result, at least two LPG carriers were combining their cargoes in a ship-to-ship transfer off Balboa. It also says that at least one LPG carrier returning from China is taking an unusual routing around South America to reach Houston.

Water conservation remains the goal at the canal based on the forecasts for declining water levels in the Gatun reservoir. The canal’s online dashboard shows the water level has been holding steady at unst under 84 feet over the last week. The forecast, however, shows it could decline by more than a foot by the end of October to 82.6 feet.