Panama Canal Authority adjusts booking conditions and transit quotas

The Panama Canal Authority (ACP) has extended "Booking Condition 3" until 7 November and will introduce the new "Booking Condition 5" from 8 November.

PHOTO: Port of Balboa at Panama's Pacific Ocean side. Getty Images

Under the new Booking Condition 5, daily transit reservation quotas will be adjusted to a maximum of 30 reservations, down from 31. Eight will be in the Neopanamax locks and the rest in the Panamax locks. The Panama Canal Authority says it aims to improve efficiency and reduce waiting times for vessels passing through the canal.

Last week, the authority suspended special auctions for Neopanamax vessels, and daily auctions for Panamax vessels, with effect from today until 31 October.

From 1 November, Panamax vessels will be offered daily auctions for transit dates between 3-7 November. Extraordinary auctions will also be held for any slots that are made available because of cancellations or other reasons. Additionally, two daily auctions will be offered for transit dates starting on 8 November.

Water levels in Gatun Lake, which spans 430 square kilometres and forms a significant part of the Panama Canal, have reached record low levels this year. Since early June, the water level in the artificial lake has not risen above 80 feet, and on 24 October it stood at 79.57 feet.

The canal authority has decreased the number of vessel transits and restricted drafts to 44 feet, which is the size of the drafts for 70% of vessels passing through the canal. The draft limit has been lowered from a high-point of 50 feet because of the drought and low water levels, according to the authority.

By Debarati Bhattacharjee

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