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Panama Canal Expansion - Inauguration Set for June 26th


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Credit: Latitude 38 Magazine
 
Panama Canal's Third Lane Repaired

February 19, 2016 – Panama

2016-02-19_5661_LLThirdLaneACP.jpg

Unlike the original locks, the Third Lane will recycle much of the water it uses, and will have sliding gates that operate faster than those on the original Canal.

Photo Courtesy ACP
© 2016 Latitude 38 Publishing, LLC

 

It's not surprising that a construction project as challenging as the Panama Canal's expansion would see substantial delays and cost overruns, but it was a bit shocking when cracks were discovered last summer in the solid concrete 'sill' beneath at least one rolling lock gate installed in the Canal's new Third Lane. According to the Panama Canal Authority (ACP), however, the problem has now been corrected and the new locks are undergoing testing in anticipation of being open for business in late June. 

According to a recent Reuters report, the Panamanian government anticipates a 30% increase in Canal revenues due to the expanded capacity — an additional $1.4 billion annually. Completion of the costly project will allow transit between the Pacific and Caribbean for ships that are roughly a third wider than the current Panamax size standard — and that can carry 2.5 times more shipping containers (TEUs) than their predecessors.

2016-02-19_9493_LLThirdLockComparison.jp

With the additional cash that the Third Lane will generate, Panama's GDP may continue to rise higher in the economic rankings of all Latin American countries.

Photo Courtesy ACP
© 2016 Latitude 38 Publishing, LLC

 

But because the new Post-Panamax standard facilitated by the Third Lane will not be able to handle the world's largest cargo ships, ACP head Jorge Quijano has said that his organization is now considering construction of an even more ambitious project that would accommodate these gargantuan New Panamax vessels that measure up to 1,400 feet long by 180 feet wide! Meanwhile, there hasn't been much buzz lately about the proposed Nicaraguan canal, which some critics feel has little chance of being built due to funding problems with its original Chinese backers. 

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OPINION: Canal expansion and brain drain

Posted on June 12, 2016 in Media Watch

canal-620x264.jpg
The first mega vessel to test the new locks
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Hoyporhoy, La Prensa, June 12

ONE OF THE most important civil engineering works in the world will be unveiled in two weeks, which will raise   the isthmus to a higher level in trade and global logistics. 

It is precisely now that scientists, researchers and Panamanian entrepreneurs should make known to the world their ability and ingenuity.

However, this possibility is becoming more distant. For example, the National Secretariat of Science, Technology and Innovation sees severe cuts to its funds , bringing the total national investment in innovation and development to only 0.2% of the country’s  Gross Domestic Product.. In contrast, Costa Rica invests 0.48% United States 2.79% and Asian Tigers to 3.5% of their national income to create and innovate.

Undoubtedly, this unfortunate situation will have serious consequences for the sustainable development of our society, without the leakage of the brightest minds in search of better opportunities who decide to migrate to other countries.

It would be unforgivable to forget that a country that allows the flight of top talent is doomed to underdevelopment.

http://www.newsroompanama.com/features/media-watch/opinion-canal-expansion-opportunity-lost

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PHOTOS: First Ship Passes Through Panama Canal’s New Locks

June 9, 2016 by Mike Schuler

   

The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso T

he first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

A post-panamax bulk carrier became the first ship to pass through the Panama Canal’s new locks on Thursday, kicking off a series of trial runs ahead of the expanded canal’s grand opening later this month. 

The $5.3 billion expansion project involves the construction of a new set of locks on both the Atlantic and Pacific sides and multiple dredging projects to create a second lane of traffic along the canal. The new locks are much wider and deeper than the current locks.

The first run was meant to simulate a southbound transit through the new Agua Clara locks on Atlantic side of the 255-meter-long, 43m wide MV Baroque, which was chartered by the Panama Canal Authority specifically for this purpose. 

The trial runs will help Panama Canal workers prepare for the start of commercial operations on June 27 when the first vessels will begin using the new “neopanamax” locks on either ends of the canal. Unlike the existing locks, which use locomotives, the new locks require the use of two tugs positioned forward and aft to guide the ships through.

For that reason, Panama Canal pilots and tugboat captains have been required to go through extensive training at the canal’s own simulator training center and a nearby scale model facility, but there’s nothing like practicing with the real thing. 

Panama Canal Authority

Panama Canal Authority

Before heading through the new locks, the MV Baroque was boarded by Panama Canal pilots before entering designated canal waters.

 

Panama Canal Authority

Panama Canal Authority

 

Headed for the new locks. Panama Canal Authority

Headed for the new locks. Panama Canal Authority

Like you will see in this video explaining the operation of the new locks, the MV Baroque was met by two tugs, one forward and one after, before entering the locks. 

 

Panama Canal Authority

Panama Canal Authority

 

The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

REUTERS/Carlos Jasso

The lead tug here was the Cerro Santiago, one of many built by the Panama Canal Authority in anticipation of the new locks. 

 

The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

REUTERS/Carlos Jasso

 

The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

REUTERS/Carlos Jasso

 

Workers pull the rope during the first trial run of a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

Workers pull the rope during the first trial run of a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

Panama Canal Authority

Panama Canal Authority

 

A tugboat drags a Post-Panamax cargo ship during the first trial run at the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

REUTERS/Carlos Jasso

 

A tugboat drags a Post-Panamax cargo ship during the first trial run at the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

REUTERS/Carlos Jasso

 

The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso

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Panama Canal Authority

 

Inauguration of the Third Set of Locks project is scheduled for June 26 with commercial operations scheduled to begin the next day. During the initial stage of operation, only four vessels per day will be allowed to use the new locks to allow workers the chance to get used to the new operation. 

 

Panama Canal Authority

Panama Canal Authority

 

Panama Canal Authority

Panama Canal Authority

 

Panama Canal Authority

Panama Canal Authority

http://gcaptain.com/photos-first-ship-passes-through-new-panama-canal-locks/

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Drones clamp down for Canal expansion fete

Posted on June 21, 2016 in Panama

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THE USE OF drones will be restricted in the provinces of Panama, Panama West and Colón on June 25, 26 and 27 on orders of the Civil Aviation Authority.

The prohibition is due to the ceremonies being held for the opening of the Panama Canal expansion.

A number of prominent world leaders are expected to attend the events.

The restriction is based on a law that empowers the authority to regulate the operation of drones reports La Prensa.

http://www.newsroompanama.com/news/panama/drones-clamp-canal-expansion-fete

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12 minutes ago, Bonnie said:

I hate to rain on the parade, but this article from today's NYT is pretty sobering:

http://nyti.ms/28POFjL

Well, it was a big blow to the U.S. contracting ego when Bechtel wasn't given this contract so I'm not surprised that some negative press is emanating from that direction.

To my mind, the following unvalidated allegation in the article is such a 'stretch' as to cast doubt on the credibility of the author's other statements.

"On top of that, just as it was about to solicit bids, the canal authority received some frightening news in November 2007. Jonathan Harris, a geologist working for the authority, reported that Panama’s earthquake risk was far greater than previously believed. By his assessment, the area is vulnerable to earthquakes of up to 8.0 magnitude, according to a diplomatic cable released by WikiLeaks.

So serious is the risk, Mr. Harris warned, that his consulting company “prohibits any of its employees working in Panama from living above the first floor in any building,” according to the cable."

The expansion job is probably far from perfect, but it's done and appears to be functional. No doubt it will take some time to work the bugs out, as is normal with the inauguration of any newly designed operation.

New revenues will commence, and that's what really counts for Panama.

The NYT might consider an article about the U.S. ports that haven't modernized and are scrambling to accommodate the post-Panamax ships that the expanded Canal will carry.

http://www.aitworldwide.com/East-Coast-Ports-Prepare-for-Megaships

 

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20 hours ago, Bonnie said:

I hate to rain on the parade, but this article from today's NYT is pretty sobering:

http://nyti.ms/28POFjL

Bonnie, I don't believe that you are raining on anyone's parade. I was just getting ready to post a link to the same NYT article when I saw your post. That article was certainly a different perspective from what the ACP (the authority here in Panama that runs the Canal) wants to project or operate from. It is another case of the glass half full / half empty conundrum.

And then Keith's responding words and excerpt were well done. A good counterpoint.

Only time will tell which version prevails. My guess is that there will be portions of both perspectives that come to fruition.

Going only a bit further, I read about the gigantic ocean ships, both cargo and passenger, that are too wide, too deep, or too tall to go through the expanded canal, what is called New Panamax size; I haven't read (yet) of any that are too long. Many of these larger than New Panamax vessels already exist. There is a website that provides a good summary description of the terms used to categorize vessel sizes as used in the maritime industry: http://maritime-connector.com/wiki/ship-sizes/

One thing is certain, history is being written this coming Sunday.

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14 hours ago, Keith Woolford said:

 

To my mind, the following unvalidated allegation in the article is such a 'stretch' as to cast doubt on the credibility of the author's other statements.

"On top of that, just as it was about to solicit bids, the canal authority received some frightening news in November 2007. Jonathan Harris, a geologist working for the authority, reported that Panama’s earthquake risk was far greater than previously believed. By his assessment, the area is vulnerable to earthquakes of up to 8.0 magnitude, according to a diplomatic cable released by WikiLeaks.

So serious is the risk, Mr. Harris warned, that his consulting company “prohibits any of its employees working in Panama from living above the first floor in any building,” according to the cable."

 

Looks like ECI knows their stuff... not just Harris.

 

https://wikileaks.org/plusd/cables/07PANAMA1898_a.html

 

http://www.earthconsultants.com/cms/

 

https://www.linkedin.com/in/jonathan-harris-198205a1

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Interesting stuff which Mr. Gant lectures about, but theoretical beyond me.

Tectonic Geomorphic and Paleoseismic Investigations for the Panama Canal: This talk summarizes five years of geological exploration in Panama to quantify the fault hazards to the Panama Canal and the Canal Expansion Project, using tectonic geomorphic mapping and analysis, paleoseismic trenching, and seismic hazard analysis. Faults that were investigated include the Gatún, Limón, Azota, Pedro Miguel, Miraflores, and Agua Blanca. The talk will illustrate techniques of field reconnaissance, trench site selection, 3-D trenching of strike slip faults, and how to assemble into a seismic hazard model. If extra time is available, an overview of the Panama Canal and the Canal Expansion Project can also be presented.

Quantitative Kinematic Investigation of the AD 1621 Pedro Miguel Fault Rupture for Design of the Panama Canal’s Borinquen Dam: This talk focuses on a detailed analysis of the AD 1621 Panama Viejo earthquake, how the source fault was identified using archeoseismology along the Camino de Cruces (Spanish trail), and how several quantitative 3-D paleoseismic trenching studies of the Pedro Miguel fault were used to quantify the coseismic displacement kinematics of that earthquake for design of a major Canal expansion project dam across the fault. The talk presents a successful case study of the use of tectonic geomorphology, paleoseismology and archeology to advance the awareness of earthquake risk for a globally important infrastructure project – the Panama Canal. Portions of the talk are based upon the paper: Rockwell, T., E. Gath, T. Gonzalez, C. Madden, D. Verdugo, C. Lippencott, T. Dawson, L.A. Owen, M. Fuchs, A. Cadena, P. Williams, E. Weldon, and P. Franceschi, 2010, Neotectonics and Paleoseismology of the Limón and Pedro Miguel faults in Panamá: Earthquake Hazard to the Panama Canal; Bulletin of the Seismological Society of America, Vol. 100, No. 6, pp. 3097-3129, doi: 10.1785/0120090342. [Received the 2012 Claire P. Holdredge Award from the Association of Engineering Geologists for a publication that is judged to be an outstanding contribution to the Engineering Geology profession.]

The leaked cable suggests that Mr.Harris had hired Mr.Gant who provided the opinion.

Oddly enough, Mr. Harris' own CV on Linkedin says that during the 2003-2010 time frame he was working as a consultant and PM for Quest Energy Services. It doesn't mention a VP position at CH2M Hill.

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Yep...very interesting indeed. Me thinks more independent, scientific, analysis is needed before they say Panama is at the same exact risk having earthquakes like San Francisco.

4. (C) Gath said the most recent geological evidence puts Central Panama at the same level of earthquake risk as San Francisco, California."

Not even close in the amount of occurrences and destruction.

http://earthquaketrack.com/v/sf/recent

 

http://earthquaketrack.com/p/panama/recent

 

And  this about the risk in Chiriqui: http://www.panamasimple.com/earthquakes-in-panama/

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Mayor’s “don’t” list for Expansion opening

Posted on June 23, 2016 in Panama

cosco-vessel.jpg
The vessel that will perform the first official transit of the new locks
 
Post Views: 195

 PANAMA’S   SUNDAY  biking festival on the Cinta Coatera will be suspended on  June 26 says The mayor’s office in a decree governing behavior during the opening of the Panama Canal expansion project.

The announcement also says, without giving times, that the  Bridge of the Americas will be closed ‘occasionally’ on the big day.

Some of the other measures contained in the mayoral decree  include the prohibition of the sale, supply or consumption of alcoholic beverages  carrying weapons or sharp objects no hawkers or peddlers, no coolers metal or glass containers.

Violations will be punished with fines from $50 -$2,000 or equivalent detention.

The measures apply only to the areas surrounding the Panama Canal where official events will be held.

http://www.newsroompanama.com/news/panama/mayors-dont-list-expansion-opening

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Fitch Ratings has published a positive report on the benefits of the Canal expansion for Panama.

http://www.businesswire.com/news/home/20160621006075/en/Fitch-Panama-Canal-Expansion-Poised-Boost-Sovereign

21, 2016 10:41 AM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--The expansion of the Panama Canal, scheduled to open on June 26 after eight years of construction, should be supportive of the country's 'BBB' sovereign rating, according to a new Fitch Ratings report. Fitch expects the expansion to have a favorable impact on macroeconomic performance, public finances and external accounts.

Since taking control 15 years ago, Panama has transformed the Canal into a profitable asset. The waterway's expansion will bolster its importance as an engine for Panama's dynamic economy through its direct contribution to economic activity and even larger spill-overs into the logistics sector. While higher fiscal transfers from the Canal will help reduce Panama's budget deficit, the current fiscal framework was set up in anticipation of a larger boost, and social pressures to spend some of the windfall exist.

Fitch affirmed Panama's rating at 'BBB' with a Stable Outlook in February 2016. Since its upgrade to 'BBB' in 2011, Panama's rating has been supported by its economic outperformance but constrained by the persistence of fiscal deficits that have lifted the debt burden despite robust growth in recent years. The Canal expansion represents an opportunity for the sovereign to address these fiscal issues, as well as reinforce the economic dynamism underpinning the rating.

The full special report, 'Panama: Canal Expansion Poised to Boost Sovereign' provides a more detailed description of the Canal expansion and potential implications Fitch believes it could have on sovereign credit metrics. The report is available at 'www.fitchratings.com'.

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Media from around the world reflects on the opening of the Panama Canal expansion

Angel López Guía 26 jun 2016 - 14:06h

Temas: Ampliación Del Canal De Panamá ACP (Autoridad Del Canal De Panamá) Canal De Panamá

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Media from around the world has covered the first transit of the expansion of the Panama Canal.

Below is a selection of some of these reports.

To read them, click on the names of the media.

La Nación, Costa Rica

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

 

 

El Tiempo, Colombia

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

 

Infobae, Argentina

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

 

 

Usa Today, Estados Unidos

 

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

 

 

BBC, Reino Unido

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

 

Al Jazeera, Catar

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

 

 

The Washington Post, Estados Unidos

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

 

 

South China Morning Post, China

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

 

 

Business Insider, Australia

 

Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá Expandir Imagen Así reflejan medios de comunicación del mundo la inauguración de la ampliación del Canal de Panamá

http://www.prensa.com/in_english/reflejan-comunicacion-ampliacion-Canal-Panama_21_4515508407.html

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Congratulations to Panama!

I thought most of the major news channels around the world would have covered this historic inauguration. Most did give prominent coverage, given my cursory review, with CNN International being an exception.

I had to search the CNN International website and finally found it (click here). But then the CNN headline was confusing because it was worded: Expanded Panama Canal reopens. (Emphasis here is mine.) Huh? I didn't know the Panama Canal had to be closed for the expansion.

Even some of the more regionally focused news sources such as USA Today (click here) and NPR (click here) covered the story. That was a pleasant surprise.

The BBC article (click here) ended its coverage with reference to future competition from the Chinese-funded canal in Nicaragua. Wonder what they know? (See posts here on CL re the Nicaraguan canal suggesting otherwise at http://www.chiriqui.life/blogs/entry/82-nicaragua-canal-delay/ and http://www.chiriqui.life/topic/1639-cold-water-on-nicaragua-canal/#comment-5189.)

Congratulations to Panama!

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Panama Canal expansion inaugurated

Posted on June 26, 2016 in Panama

canal-02-620x264.jpg
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NINE YEARS  of work, with many hiccups and cost overruns on the way  ended with a $4 million extravaganza to mark the opening of the multi-billion dollar Panama Canal expansion on Sunday June 26.

Canal cocoliCocoli_LPRVID20160626_0006_36

The renamed  Chinese vessel Cosco Shipping Panama made  the inaugural transi of the third set of locks, starting at the Atlantic  end Agua Clara and ending at Cocoli over eight hours later,

The event  was witnessed by over 20,000  and described by Canal Administrator Jorge Luis Quijano, as “the greatest work that has been done in a century on our soil”.

canal 2

The Canal Administrator recognized the work of the 40,000 workers who participated in the work, 90% of whom were Panamanians , and made a special mention of the eight  who died during the work. A one minute silence was held to honor themduring the opening ceremony.

Finished his speech, Quijano picked her up to a girl and together triggered the lever that would open the floodgates for the Cosco Shipping crossed Panama -the lower house closest to the Atlantic-Ocean to the middle chamber.

President Juan Carlos Varela, accompanied by his  Cabinet stressed the historical value of Colon  in the Canal route. “This was where it all started. Here began the Chagres route, the Camino de Cruces, then the interoceanic railway, the 1914 Canal and and now the expansion. More than 160 ships have made reservations to follow  the first  vessel which paid  $586,000 toll paid by the ship of the Chinese shipping company.

The first booking  of a ship  carrying liquefied natural gas has also been finalized, a new segment of vessels that can transit the canal  thanks to the  enlargement.

The opening ceremony was attended by 62 international delegations. While over 20,000 citizens attended the event to celebrate. Other groups gathered on Avenida Balboa to protest the extravaganza while areas of the country were without water, school  were in disrepair, and the health service in tatters.

http://www.newsroompanama.com/news/panama/panama-canal-expansion-inaugurated

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Canal settles in to neopanamax transits

Posted on June 27, 2016 in Panama

Lycaste-Peace-metros-largo-eslora_LPRIMA
Peace Lycaste measures 36.6 meters wide (manga) and 230 meters long (length).
Photo : Taken from Twitter
 
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WITH THE SPEECHES,  bands, flag waving and fireworks for the official opening of the Panama Canal Expansion already receding into history, The Canal Authority (ACP) got down on Monday, June 27, to the business of moving the first two of 168 neopanamax ships that have booked passage through the canal.

The first ship to transit the locks on Monday was the Lycaste Peace, under a  Panamanian flag. It entered the  Agua Clara  lock at 6:00 a.m. and left t at 8:30 a.m.

The Butterfly ship carrying oil under the Bahamas flag, entered Agua Clara at 8:15 a.m. Ilya Espino de Marotta, executive vice president of the ACP revealed on Sunday that there are already 168 reservations in the next three fiscal years to transit the new locks.

Ilya Espino Marotta, ACP executive vice president said that the Canal will have among its new customers ships carrying liquefied gas, which previously did not pass through the waterway.

Only two neopanamax  vessels were schedule for Monday, but other vessels were transiting the  original locks.

http://www.newsroompanama.com/news/panama/canal-settles-neopanamax-transits

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On June 24, 2016 at 11:18 AM, Keith Woolford said:

Fitch Ratings has published a positive report on the benefits of the Canal expansion for Panama.

http://www.businesswire.com/news/home/20160621006075/en/Fitch-Panama-Canal-Expansion-Poised-Boost-Sovereign

21, 2016 10:41 AM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--The expansion of the Panama Canal, scheduled to open on June 26 after eight years of construction, should be supportive of the country's 'BBB' sovereign rating, according to a new Fitch Ratings report. Fitch expects the expansion to have a favorable impact on macroeconomic performance, public finances and external accounts.

Since taking control 15 years ago, Panama has transformed the Canal into a profitable asset. The waterway's expansion will bolster its importance as an engine for Panama's dynamic economy through its direct contribution to economic activity and even larger spill-overs into the logistics sector. While higher fiscal transfers from the Canal will help reduce Panama's budget deficit, the current fiscal framework was set up in anticipation of a larger boost, and social pressures to spend some of the windfall exist.

Fitch affirmed Panama's rating at 'BBB' with a Stable Outlook in February 2016. Since its upgrade to 'BBB' in 2011, Panama's rating has been supported by its economic outperformance but constrained by the persistence of fiscal deficits that have lifted the debt burden despite robust growth in recent years. The Canal expansion represents an opportunity for the sovereign to address these fiscal issues, as well as reinforce the economic dynamism underpinning the rating.

The full special report, 'Panama: Canal Expansion Poised to Boost Sovereign' provides a more detailed description of the Canal expansion and potential implications Fitch believes it could have on sovereign credit metrics. The report is available at 'www.fitchratings.com'.

 

ACP Contributions to Rise by 45%

Minister of Economy and Finance Dulcidio De La Guardia expects a 45 percent increase in contributions from the Panama Canal to the state in 2017, the first full year of the expansion.

He did not provide exact figures on contributions pending the presentation of the budget of the Panama Canal Authority (ACP).

"There has not been any year the Canal contributions have not exceeded the budget," said the minister.

On previous occasions, the ACP and the Ministry of Economy and Finance have expressed that in 2017 the Canal contributions could be $400 million.

De La Guardia also noted that the enlargement will create a base for economic growth of at least 5 percent for the next 10 years, and there will be a 40 percent increase in investments in the logistic cluster around the Canal.

Recently, the agency Fitch Ratings said in a report that the Canal expansion would be an opportunity to improve the sovereign rating of the country.

http://m.prensa.com/in_english/MEF-aumento-aportes-Canal-ampliacion_21_4517008257.html

Edited by Keith Woolford
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