Week in Review

Week in Review – Vol. 34 No. 4

National newsbriefs

COROZAL DEFENDED

Although some members of the National Assembly rejected the draft law on fiscal equalization for the port of Corozal, the Panama Canal Authority (ACP) defended the proposal to build the terminal to take advantage of all the cargo that will be created with the new locks. The topic was presented by the Deputy Administrator of the ACP, Manuel Benitez, in Panama Maritime XII, held for three days, an event that brought [...]

Week in Review – Vol. 34 No. 3

PPC PAYS DIVIDEND

Panama Ports Company, which holds the state concession to manage the ports of Balboa and Cristobal, delivered dividends to the State for fiscal years 2014 and 2015. The Panamanian government is a shareholder of 10% of Panama Ports Company, but the company maintained as its philosophy reinvesting profits and not distributing dividends. The port operator will pay $10 million for the year 2014 and estimated that for the year 2015 the amount [...]

Week in Review – Vol. 34 No. 2

National newsbriefs

BIGGEST IN RRGISTRY

What is currently the world’s largest container ship, Mediterranean Shipping Company’s MSC Oscar, with 394 meters in length and a cargo capacity of about 19.224 TEUs, joined the Panamanian registry. The ship, built in South Korea, claims to be the most efficient in the world, and was built thinking about respecting the environment and not only can it carry 35% more cargo, but consumes 35% less fuel.

CANAL ARBITRATION

The [...]

Week in Review – Vol. 34 No.1

EXPOCOMER OPENS

The thirty-third edition of the Panama trade show, Expocomer, will be held from March 11 to 14 with the participation of businessmen from over 35 countries, revealed Lorena Kirchman, International Business Executive of the Panama Chamber of Commerce, Industries and Agriculture. It is the only trade fair in the region that, to date, has subsisted under the scheme of a multi-sector fair, as compared to fairs in other countries that only focus on [...]

Week in Review – Vol. 33 No. 51

EXPANSION SPENDING

The Panama Canal Authority (ACP) invested, until December 31 last year, $4.54 billion in the expansion works of the waterway, estimated to cost $5.25 billion. This is shown in Quarterly Report No. 33, which details the progress of the waterway expansion and emphasizes that, in this period, the manufacture of the Canal’s new gates in Pordenone, Italy was completed, and the transfer of the last four gates was also made.

POLIES VISIT CANAL

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Week in Review – Vol. 33 No. 50

COLÓN FREE PORT

President Juan Carlos Varela created a High Level Group to promote the development of the Amador Causeway and another to assess the viability of the Colón Free Port Project. The purpose of the first HLG is to analyze comprehensively the development of the Amador area to include a port for cruise ships, maximizing the use and development of the properties belonging to the Administrative Unit of Reverted Properties (UABR), attract tourism and [...]

Week in Review – Vol. 33 No. 49

National newsbriefs

NEW CANAL STRIKE

The workers’ strike in the Pacific Access Project (PAC4), which is part of the Canal expansion, will remain until the contractor reinstates the worker who was dismissed on December 23 and a new payroll audit is conducted. This was confirmed by the secretary of the National Union of Construction and Allied Workers (UNTRAICS), Abelardo Herrera, who noted that the negotiations held with the directors of the ICA-MECO-FCC Consortium “remain stagnant.”

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