News Before Its News
About Us | Ocnus? |

Front Page 
 Dark Side
 Defence & Arms
 Light Side

Business Last Updated: Feb 2, 2024 - 2:11:51 PM

Panama Canal holds first auction for vessels in queue
By Michele Labrut, Seatrade, Nov 27, 2023
Nov 29, 2023 - 12:17:09 PM

Email this article
 Printer friendly page

The Panama Canal Authority (ACP) has launched a programme to auctions of transits for vessels waiting to pass through the waterway with a winning bid of $1.1 million at the first auction on Saturday.

There is a growing queue of vessels due to the decrease in daily transits as result of measures to combat low water levels. The first auction was held on Saturday 25 November and the base price was $55,000.

Only vessels that arrived before 17 November in Panamanian waters and did not have a reservation were accepted to bid, and those that were favoured would have their transit on Monday 27 November. A chemical tanker was awarded the special slot for $1,100,100.

Related: Panama Canal restrictions: enough capacity for containerships but not gas carriers

In a communiqué to the shipping lines, the ACP informed that the auction will be announced three days before the transit date and will be held two days before, as was the case on 25 Saturday.

Transits will take place through the Panamax locks and the auction will be available to regular vessels and Panamax vessels that have at least 10 days in queue, as of the date of the ad hoc auction.

"The purpose of this measure is to provide greater opportunities to obtain a place for vessels in the Panamax locks that have been waiting in the transit queue for an extended period of time," the ACP said.

The Canal Authority added that spaces (slots) that become available during the reserve period may be offered through extraordinary auctions, depending on several factors, including the water level of Gatun Lake.

Full container vessels that have already obtained a reservation space before the auctions are called will also be considered.

The charges derived from these auctions will be additional to the usual tolls paid for crossing.

Source:Ocnus.net 2023

Top of Page

Latest Headlines
Vitol’s Geneva Staff Bypassed Internal Controls in Bribe Scheme
Russian Oil Sales Slump
Russia’s Arctic-Based Oil Mega-Project Struggles to Attract Foreign Investors
Why the Russia Sanctions Are Failing
Kaliningrad’s Economy Buckles Under Sanctions
US natural gas supplies drop, record demand forecast
Putin’s Unsustainable Spending Spree
Trump businesses took in nearly $8 million from foreign governments: House Democrats
Sanctions Scuttle the Russian Economy
Europe continues to be main destination for US LNG cargoes