The Panama Canal Authority (ACP) is promising to make more daily crossings available to ships as water levels rise.
The authority has unveiled a series of measures aimed at optimising transit operations while ensuring safe navigation through the waterway.
However, the number of slots available will fall in the short term due to scheduled maintenance at the Gatun locks.
This is set to take place from 7 to 15 May, cutting transits from 20 to 17 at the panamax locks.
However, ACP will then implement “significant increases” in transit capacity, hiking the total number of daily crossings from 24 to 32.
In the second half of May, transits through the panamax locks will rise from 17 to 24.
From 1 June, neopanamax slots will rise from seven to eight.
In addition, the maximum permitted draft for neopanamax ships will be raised to 13.71 metres from 15 June, up from the current limit of 13.41 metres.
“This adjustment in draft allowance is informed by careful analysis of water availability and takes into account projections for Gatun Lake levels, ensuring optimal conditions for navigation,” ACP said.
The decisions follow extensive analysis and monitoring of water resources, including the efficient utilisation of water stored in Alajuela Lake, the authority added.
Worst fears not realised
“Recent precipitation patterns have also contributed to the canal’s ability to optimise transit operations,” ACP explained.
Earlier this month ACP said that, based on projected water levels of Gatun Lake, additional ship slots were added in March.
The authority feared last year that crossings would have to fall to 18 per day in February.
In 2023, and in particular, in October and November, there was a surge in slot auction prices related to a “market-driven congestion premium”, the authority admitted.
TradeWinds reported fees of up to $4m were being paid per VLGC crossing.
“This is no longer the case,” the ACP said.
“Since the peak period last year, auction prices have levelled off. They are generally near normal levels today, although auctions remain an invaluable tool and option for customers who may otherwise not have secured reservations,” it added.
