THE PANAMA Canal Authority has recently made some significant changes to the operation of the canal, one of the worlds’ most important for maritime and trade.

Autoridad del Canal de Panamá announced yesterday (6 August) that the maximum allowable draft for the canal would increase to 49 feet, or 14.9 metres.

This development was based on the present and projected level of the Gatun lake for the upcoming weeks.

A drought caused problems for the canal last year and earlier this year, affecting the Gatun and Alhajuela lakes which feed into the canal’s lock system, forcing the canal to change its operations until water levels returned.

The new draft adjustment adds an extra foot to the previous draft adjustment of 48 feet (14.6m) in July, as the rainy season gradually returns the reservoirs to optimum levels.

Additionally, a new booking slot for the Neo-panamax locks has been added beginning from 5 August, increasing the total transits to 35 per day.

The developments come after the Canal Authority announced last week the adoption of their new Long-Term Slot Allocation Method for Neo-panamax vessels, as part of the transit booking system.

The new system aims to increase transit certainty and flexibility for clients, according to the authority.

Through this method, several transit booking slot packages corresponding to January of the following year will be offered to different market segments; meaning a single client will be able to obtain multiple bookings in one transaction.

These packages will be awarded to the highest bidder through an auction. The auction amount of the sealed bid will refer to the maximum amount the customer is willing to pay for each slot included in the package with a starting base of US$200,000.

The auctions will be held starting September 2, 2024, in advance of booking dates beginning January 5, 2025, through January 3, 2026.

In their announcement, the Canal Authority said, “The Panama Canal remains focused on improving efficiency and responsiveness to the changing needs of the maritime industry.

“The introduction of this booking method reflects the ongoing commitment to maintaining the Canal as a world-class trade route.”