BOYD	STEAMSHIP CORPORATION AGENTS AT THE PANAMA CANAL FOUNDED IN 1909

Web: www.boydsteamship.com Email: operations@boydsteamship.com

PANAMA CANAL NEWS

Jan 31st, 2008.

MONTHLY CANAL OPERATION SUMMARY- DECEMBER 2007

TENTATIVE SCHEDULE OF LOCKS MAINTENANCE WORK – ONE YEAR

CHANGES TO THE PANAMA CANAL TRANSIT RESERVATION (BOOKING) SYSTEM

ACP will implement modifications on the reserved booking slots, effective February 1st, 2008.

MONTHLY CANAL OPERATION SUMMARY- DECEMBER 2007

TENTATIVE SCHEDULE OF LOCKS MAINTENANCE WORK – ONE YEAR

CHANGES TO THE PANAMA CANAL TRANSIT RESERVATION (BOOKING) SYSTEM

In an effort to attend to the growing demand for booking slots, as well as to simplify the process of obtaining and making changes to reserved booking slots, the Panama Canal Authority (ACP) will implement the following modifications effective February 1, 2008. All reservations secured prior to the implementation date of this advisory will be honored at the rate in effect at the time the reservation was made.

1. Additional booking slots for supers

During CONDITION 1, two additional slots will become available for supers (vessels 91´ beam or over), during the 1st booking period, increasing the total number of slots for supers to 17. Slot distribution for supers for the various booking periods will be as follows:

Booking Condition	1^stBooking Period*	2^ndBooking Period	3^rdBooking Period	Total
1 1.a	7 7	3 3	7 3	17 13
2	7	3	-	10
3	7	3	-	10

*Includes the 3 slots available for commercial passenger vessels (see paragraph 2) and the slot offered

through the sealed bid option (see paragraph 7.)

a. During CONDITION 1, the maximum number of booking slots per direction will be increased to ten for vessels transiting in the southbound direction, and nine for vessels transiting in the northbound direction.

b. The maximum number of slots allowed for vessels with “full daylight-hour” restrictions per direction and combined total remains unchanged.

c. During CONDITIONS 2 and 3, no more than six supers may be booked for transit in the same direction, and of these, no more than five with “full daylight-hour” restrictions. The maximum number of “full daylight-hour” restricted vessels may not exceed eight.

Note: Due to the increase in the number of slots available during the 1st booking period, the allowable limits by direction and/or restriction may be exceeded when a change to a lower condition is invoked. In those cases, the booking slots already awarded will be honored.

d. The auctioned slot will continue to be offered in addition to the slots mentioned above, without any special limitation.

2. Special Period for the allocation of slots to commercial passenger vessels

The three slots offered exclusively for passenger vessels during the first 30 days of the 1st booking period from October 1 through May 31 of each year will now be offered prior to the opening of the 1st booking period, during a special period, which begins 547 days and ends 366 days prior to the booking date. These reserved transit slots will be available throughout the year, as follows:

a. Three of the slots for supers from the 1st booking period will be made available to passenger vessels 91’ beam or over, and three

of the slots for regular vessels from the 1st booking period will be made available to passenger vessels under 91’ in beam. In the case of regular vessels, the distribution of booking slots per period will be in accordance with the following table:

Booking Condition	1^stBooking Period*	2^ndBooking Period	3^rdBooking Period	Total
1 1.a	3 3	1 1	4 2	8 6
2	3	1	2	6
3	3	1	0	4

*Includes the 3 slots available for commercial passenger vessels.

b. These slots will be awarded through competition when the special period opens and on a first-come, first-served basis after the

competition has closed.

c. Upon the expiration of this special period, unused slots will be offered in the normal manner in conjunction with the rest of the slots available during the 1st booking period. No distinction will be made between commercial passenger vessels and other vessels when assigning any remaining reserved transit slots in any of the booking periods.

3. Additional slots offered to regular vessels up to 300´ LOA

A maximum of three slots will be offered on a daily basis to regular vessels up to 300’ LOA without transit restrictions. These slots are in addition to those already offered to regular vessels and will depend on the number of vessels that fall within this category and that have requested a booking slot.

4. Cancellations

An increase in cancellation categories, as well as a change in cancellation fees, will be implemented in accordance with the following table:

Notice Period (in advance of required arrival time)	Cancellation Fee (the greater of)
Over 365 days	10% of booking fee or $500
365 to over 180 days	20% of booking fee or $600
180 to over 90 days	40% of booking fee or $900
90 to over 30 days	50% of booking fee or $1100
30 to over 3 days	60% of booking fee or $1300
72 hours to 36 hours	80% of booking fee or $1600
Less than 36 hours	100% of booking fee

5. Late arrivals

Vessels booked for transit that fail to arrive before their required arrival time may request to transit on the day of their booking when re-scheduling is possible without adversely affecting other vessels, subject to an additional f