Change in Panama Canal auction rules

“Booking slots that become available due to cancellations or other reasons during Booking Period 3 for supers will continue to be offered through extraordinary auctions,” ACP said in notice.

With congestion on the Panama Canal due to low water levels auctioned slots have soared in value with one vessel reported to have paid $2.4 million at for a transit slot auction in late August.

Inchcape Shipping Services reported that for supers that were already awarded but become available within 96 hours from the booking date due to cancellations, changes in date, early transit of booked vessels, or other reasons, will be offered during the 3rd Booking Period through an extraordinary auction process. It said he auction will be offered after the closing of the 3rd Period competition.

For special auctions it said one slot would be offered, once all the normal booking slots have been allocated. This slot will be offered after the first auction has been awarded.

“Second slot will be offered, before the closing of the 3rd Booking period, if all slots for supers in one direction have been allocated but there are still booking slots available in the opposite direction, the slot may be offered to interested vessels through an auction, even if the assignment of the slot exceeds the established,” the ship agency said.

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