Panama Canal Authority will introduce modifications to the Transit Reservation System rates as part of the Complementary Maritime Services Tariffs.

Adjustments include the new long-term slot allocation (LoTSA) method, a new plan designed to provide “certainty, predictability, and reliability,” the entity said in a release.

The Panama Canal Authority explained that the main objectives of these modifications to the Transit Reservation System rates are to improve the level of service, improve the management of supply and demand, and optimize transit operations.

The fares related to the new LoTSA scheme will be effective September 1, 2024, and adjustments to charges, changes to the fare structure, and the introduction of new fares will be effective January 1, 2025.

Related articles: Panama Canal increases vessel draft to 45 feet ahead of schedule

The modifications were designed to create flexibility in interchange services and quota substitution. In addition, charges are included to discourage last-minute cancellations and provide transit alternatives for vessels that have not obtained a slot and have already arrived in Canal waters. This is to optimize lane capacity and minimize waiting times.

These changes will provide a better customer experience and convenience while ensuring efficient use of Canal resources.

Updated rates can be viewed here.