NON VIABLE CANAL
President Juan Carlos Varela said in Madrid that he could not see “economic viability” of the Nicaragua Canal, while he set the date for “early 2016” of the expansion of the Panama Canal. “Panama is well advanced in the expansion of its canal, i.e., we do not see much economic viability in a project to cost $70 billion,” said Varela, referring to the Nicaraguan project, when he spoke during a breakfast briefing [...]
The Panama Canal annually allocates $240 million in maintenance, outside the investment program, which next year is budgeted at $291 million, said the administrator, Jorge Luis Quijano. “The Canal has revenues of nearly $2,500 million, with earnings that are above $1,000 million in surplus, which is delivered to the state, and this can only be achieved if there is a major program of maintenance,” said Quijano.
Users of Line 1 of [...]
As the Panama Canal celebrates 100 years since it began operations, it has set its sights on new businesses so that in the future it will have new revenue and raise the attractiveness of the maritime route through Panama. The administrator of the waterway, Jorge Luis Quijano, said that the entity plans to grant concessions for two ports on the Pacific access channel and contract [...]
Problems of the Colón Free Zone (CFZ) have bottomed. This was revealed by the statistics from the government institution that, for the second consecutive year, is in the red in the first six months. The commercial activity in the free zone has fallen 15% in the first half of the year. Trade recorded $11,270 million, representing $1,964 million less than in the same period last year. On the other hand, re-exports [...]
PANAMA CANAL WINS
After learning of the route of the canal to be built in Nicaragua, the administrator of the Panama Canal, Jorge Quijano, said he cannot give a conclusive statement on this project, because they do not have enough information to come to any conclusion, but they are now evaluating the route and will make their best engineering estimates and cost analysis. He also assured that the Panama Canal route offers competitive advantages over [...]
The strike by members of the Union of Construction Workers and Similar (Suntracs) came to an end on May 7. Both representatives of Suntracs and the Panamanian Chamber of Construction (CAPAC) reached a compromise on the collective agreement that they had been negotiating for several months. In the agreement there is a wage adjustment over four years of 35.87% that was achieved based on 9% per annum.
The Panama Canal Authority [...]
The Panamanian port system took a surge during the first half of the year registering a growth of 6.9% compared with the same period last year. In the first three months, the ports of Balboa, Cristobal, PSA Singapore (Rodman), Manzanillo International Terminal and Colon Container Terminal, moved 1,643,000 TEUs (containers 20 feet long). Compared to the same period last year there were 105,745 more containers.
The Law of the Sea Tribunal, [...]