Week in Review

Week in Review – Vol. 33 No. 45

SEEING LIGHT

At the end of 2015 the third set of locks of the Panama Canal could be ready, which is now 80% complete, said the administrator of the interoceanic route, Jorge Quijano. The Panama Canal Authority considers that the works, which are a year late, will conclude within its initial budget and only increase if they lose any of the litigation claims of different groups for overruns, such as Unidos por el Canal, which [...]

Week in Review – Vol. 33 No. 44

National newsbriefs

CANAL REVIVING

In fiscal year 2014, which ended on September 30, the Panama Canal Authority (ACP) handled a total of 326.4 million PCUMS tons (universal system of Panama Canal tonnage measurement) or a growth of 2% over the previous year. Although this is an increase of 6.3 million tons from 320.1 million PCUMS tons last year, it is still below the record of 333.2 million PCUMS tons set in 2012.

PORTS BOOMING

The [...]

Week in Review – Vol. 33 No. 43

National newsbriefs

CARTER AWARDED

The Panama Canal administrator, Jorge Luis Quijano and the Minister of Canal Affairs, Roberto Roy, handed to former US President Jimmy Carter, the “Panama Canal Award” for the centenary of the waterway. The awarding took place at the Carter Center in Atlanta. The former American President guaranteed transfer, by signing the 1977 agreement with Panama on December 31, 1999 at “a political cost to himself,” noted the ACP in a statement.

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Week in Review – Vol. 33 No. 42

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 [...]

Week in Review – Vol. 33 No.41

MAINTENANCE MUST

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.

MAINTENANCE NEED

Users of Line 1 of [...]

Week in Review – Vol. 33 No.40

National newsbriefs

LOOKING AHEAD

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 [...]

Week in Review – Vol. 33 No.38

National newsbriefs

BOTTOMING OUT

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 [...]