Bidders for Panama Canal Auctions Up to Nine Times the Normal

Competition for Panama Canal transit slots has surged, with as many as 18 vessels bidding for a single opening as more ships arrive without reservations

By Lori-Ann LaRocco – Key supply and demand data show the market pressures fueling the record auction prices at the Panama Canal.

In an expanded interview with gCaptain, Ricaurte Vasquez, Administrator of the Panama Canal Authority (ACP), said the number of vessels without an appointment to transit through the Panama Canal has increased from 10% to 20-25%.

“We are facing a significant number of vessels coming without reservation,” said Vasquez. “One of the lessons we learned