The Panama Canal Authority (ACP) began new special auctions last week for vessels without reservations that have been waiting for at least ten days to transit the Panamax locks, following record delays in recent weeks.
The first special auction was held 25 November for transit today. There are 62 "non-booked" vessels waiting to transit the Panamax locks today, at least 19 of which will be eligible for the next auction, per ACP data.
The auction slot itself will be offered "on a temporary basis," according to the ACP, and its availability will depend on water levels at Gatun Lake and rainfall projections.
"This special auction will be available to all supers and regular vessels that have already arrived at Canal waters, have been in the transit queue for at least ten days from the date the auction is held, and do not have a booking slot," the ACP said. Future auctions will be announced three days prior to a transit date and held two days prior.
Panamax lock wait times for vessels without reservations hit all-time highs of 24 days for northbound and southbound transits on 22 November, the last day assessed by Argus ahead of Thanksgiving holidays in the US, amid the ongoing drought conditions that have restricted Panama Canal transits significantly this year.
"While the current water deficit persists in the Canal watershed, the transit reservation system is the only mechanism available to guarantee a transit date," the ACP said. "Vessels without [a] reservation may experience indefinite delays."
Along with the additional auction, the ACP announced that booking slots made available by cancellations or absences in the period from seven to two days before transit could be reoffered to shipowners via auctions, also depending on water levels and rainfall projections.
