The Panama Canal Authority is implementing modifications to the Transit Reservation System tariffs as part of the Complementary Maritime Services Tariffs, according to PCA's release.
These adjustments introduce the new Long-Term Slot Allocation method (LoTSA), a new scheme designed to enhance our business model and service quality, offering certainty, predictability, and reliability.
The main objectives of these modifications to the Transit Reservation System tariffs are to improve service levels, better manage supply and demand, and optimize transit operations. The tariffs related to the new LoTSA scheme will take effect on September 1, 2024.
Additionally, as of January 1, 2025, adjustments to charges, changes in the tariff structure, and the introduction of new tariffs will be implemented.
The modifications were designed to create flexibility in swapping and substitution slots services. They also include charges to discourage last-minute cancellations and provide transit alternatives to vessels that have not secured a slot and have already arrived in Canal waters, with the aim of optimizing the waterway’s capacity and minimizing waiting times.
These changes will provide a better experience and convenience for customers while ensuring the efficient use of Canal resources.