Panama Canal makes booking slot auction permanent

Panama Canal makes booking slot auction permanent    The Panama Canal Authority said it is permanently implementing an auction process for an additional booking through the canal each day there are no bookings available.
   In a statement Friday, officials at the canal said the bidding process has been successful over the last two months in that it has allowed access to bulk carriers and tankers who haven't been able to secure bookings.
   Bids for the additional slot became available for auction April 1 for transits beginning on April 4, with the new system initially available for a trial period of 60 days.
   The additional booking slot is auctioned on days when basic slots for either supers (91 feet or more in beam) or regulars (less than 91 feet in beam) have been sold out. The authority will publish the initial or base price to be used during the auction, which is based on the previous month's maximum booking for each category. The winner of the auction is subject to pay applicable tolls, in addition to the auction bid. Moreover, the winner is subject to abiding by the same requirements as normal booking slots, such as arrival time.