Finance Groups Meet to Discuss Canal Expansion

Thursday, December 13, 2007
After presenting the Expansion Program at key financial centers around the world, the Panama Canal Authority (ACP) hosted a two-day workshop on the waterway’s expansion financing in Panama this week. Amid a packed room at the ACP training center, some of the best known global multilateral development banks attended a workshop, held December 11-12, to gain more insight on the project and the ACP’s desire to finance a portion of expansion.

ACP Administrator/CEO Alberto Alemán Zubieta opened the forum with welcome remarks, and senior ACP officials answered questions and conducted presentations outlining various aspects of the expansion. Discussion topics included: market and economic trends, risk management, dredging requirements, workforce development and availability, and the environment.

Representatives from the Inter-American Development Bank, the European Investment Bank, the Japan Bank for International Cooperation and International Finance Corporation attended the two-day event.

“The interest we received from the financial institutions has been strong. We’ve received some very thoughtful questions during the workshop and it’s clear that these banks have a good understanding of the project and the goals we want to accomplish,” said Mr. Alemán. “We look forward to continuing this process to develop the best plan for financing the project.”

In addition to the panel discussions, the ACP provided a tour of the Pacific expansion construction sites for workshop participants.

Since July, the ACP has been approaching financial institutions to determine the most viable financing for the Canal’s Expansion Program. The process began in Panama and continued with presentations to a number of financial institutions in New York, Washington, Hong Kong and London.

The ACP continues to weigh all options with regard to financing.

Expansion will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Petroecuador Tenders to Buy High Octane Naphtha

State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23,

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Norway's Oil Sector May Face More Project Cuts, Delays

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Maritime Security

IMB: Piracy Falls to Lowest Level since 2007

The International Chamber of Commerce’s International Maritime Bureau (IMB) has revealed that piracy on the world’s seas is at its lowest first-quarter level since 2007,

Court: Japan's Mitsui Paid to Release Ship

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money.

Global Shipping Exposed to Cyber Threats

The next hacker playground: the open seas - and the oil tankers and container vessels that ship 90 percent of the goods moved around the planet. In this internet age,

 
 
Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2097 sec (5 req/sec)