Mixed companies paid millions, why not Panama Ports?

Panama Ports, Cristóbal.

By Franklin Castrellón

The ten joint ventures increased their contributions to the State by 36.3% in fiscal year 2015, the director of the Department of Investment, Concessions and Risks (DICRE) of the Ministry of Economy and Finance, Jorge Dawson, told The Bulletin,.

The contributions totaled $163.4 million in 2015 compared to $119.9 million in the previous year.

The greatest contribution in 2015 corresponded to the hydroelectric generating company, Enel Fortuna, with $40.98 million, followed by […]

New executive director for PPC

Puerto de Balboa.

Panama Ports Company (PPC), a subsidiary of Hong Kong’s Hutchison Port Holdings (HPH), last week announced the appointment of Paul Wallace as the new Chief Executive Officer (CEO) with effect from August 8, 2016. Wallace replaced Aitor Ibarreche, who held the post from January 2014 to June 9, 2016.

With over 30 years of experience in the maritime industry, Wallace entered the HPH Group in November, 2009, as commercial director of the Port of Felixstowe, […]

PCT has new installations

Los megabarcos se están desviado a Puerto Caucedo.

Panama Central Terminal, Inc., (PCT) is a Customs area dedicated to handling nationalized and non-nationalized cargo. It has a facility and location in the area of Juan Diaz. From the moment cargo arrives at the ports, it is received in the facilities of Panama Central Terminal and moved quickly and safely through procedures for nationalization or export. PCT has a modern computer center that keeps inventories for both bulk cargo and containers.

The services offered […]

Puerto de Corozal an urgent need

El planeado Puerto de Corozal.

By Franklin Castrellón

A workshop on marine cargo transshipment, held on August 17 under the auspices of the Logistics Cabinet and the Panama Chamber of Shipping (CMP) concluded on the need to expand port capacity of Panama on the Pacific coast if it is to exploit the opportunities open to the country by the expanded Canal.

In addition to the organizers and the representative of the Center for Innovation and Research in Logistics of Georgia […]

Tankers need changes to use expanded canal

El tanquero “Aegean Unity” cruza el Canal ampliado.

The expectation of some oil brokers and intermediaries that the expansion of the Panama Canal opens a new route for VLCCs will take longer than expected to become a reality.

Many ships will require renovations to transit through the new locks, industry specialists say.

The modifications of these huge vessels mainly involves mooring cable bollards that are necessary, because the new locks use tugboats instead of locomotives to guide ships.

Previously only a fraction of […]

Panama participated in Executive Committee of Mesoamerica Project

Reunión del Proyecto Mesoamericano.

The Republic of Panama, as a member country of the Integration Project and Development of Mesoamerica (PM) participated in the Third Meeting of the Executive Committee of that integration mechanism in El Salvador.

In this mechanism, Panama led the Maritime Short Sea Transport Project (SSS) which is part of the economic axis. With the support of the Panama Maritime Authority, the Central American Commission on Maritime Transport (COCATRAM) and the Inter-American Development Bank (IDB) workshops […]

Suez Canal expansion fails to meet expectations

Canal de Suez.

A year after the inauguration of the new section of the Suez Canal, the economic miracle promised by Egyptian President Abdel Fattah El-Sisi, has not been met.

Data on traffic through this waterway questions the profitability of the Pharaonic project.

The authorities said a year ago that the revenue generated by the canal would increase from $5,300 million in 2014 to more than $13,000 million in 2023, but expectations have not been met for the […]