Panama Canal to increase booking slots: The Panama Canal Authority says it will increase the number of transit slots for its Panamax and Neopanamax locks to 24 per day effective mid-January, Reuters reported on Saturday. The authority had previously planned to have 18 transit slots per day, yet altered this figure based on the current and expected levels of water in the artificial Gatun Lake, which supports the canal.

Details: Applications for new slots will open in the coming weeks for transit starting 16 January 2024. Only one booking slot per customer per date will be permitted regardless of when the slots were booked. Slots will be given based on the highest bid in auction, full containers, and market and customer rankings.

ICYMI- The traffic jam at the Panama Canal is expected to continue into 2024, as drought has reduced the number of ships the canal can accommodate since August. El Niño, the warming of sea surface temperature in the eastern Pacific Ocean, is expected to further lower water levels at the Panama Canal, prolonging wait times and hiking costs in 1H 2024.

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