The Panama Canal is adding transit slots as restrictions in the corridor begin to ease.

According to the Panama Canal Authority (ACP), a pair of slots are up for auction for transit dates starting on March 18, with an additional slot for dates beginning on March 25.

The ACP could add more slots if rainfall raises levels at the lakes servicing the Panama Canal. This is after historically low water levels brought on by a lack of rainfall reduced daily traffic by almost 40 percent in late 2023 and early 2024. Over that period, many ships have been forced to take longer, more costly routes, all while the ongoing crisis in the Red Sea has complicated a crucial alternative to the Panama Canal. 

Even so, with the ACP adding transit slots on top of better-than expected rains in late 2023, conditions appear to be improving, at least for now, in the critical shipping lane.