Recent auction rates have set remarkable records, with a slot reaching a staggering $5.3 million, eclipsing the previous week’s $4.6 million bid. Prior to the war, these slots typically ranged from $135,000 to $140,000. The competitive environment has intensified, with an average of 4 bidders per Neopanamax slot in May and June, climbing to around 8 bidders in July. For August, the ACP observed as many as 15 bidders vying for a single Neopanamax slot as demand surged, bringing the average up to 6 bidders for the month.
In light of rising transit fees, some shipping companies are opting to implement surcharges or even diverting ships to alternative routes. ONE, for instance, has suspended three routes due to the escalating costs. Vasquez emphasized the ACP’s commitment to transparency and communication with ocean carriers to discuss options that can mitigate such challenges, such as redeploying vessels or adjusting schedules to optimize slot availability.
