Panama Canal Extension: Work Hindered by Financial Dispute

MarineLink.com
Thursday, February 06, 2014
Panama Canal works site: Photo credit ACP

The Panama Canal Authority (ACP) state that it has demanded that GUPC, the lead consortium in charge of the construction of the third set of locks, resume full work on the project as required by the contract. In their statement ACP inform:

GUPC is formed by the companies Sacyr Vallehermoso, S.A (Spain), Impregilo, S.p.A. (Italy), Jan de Nul Group (Belgium) and Constructora Urbana, S.A. (CUSA) (Panama).

After two weeks of negotiations, which saw production levels drop to 25%, ACP say that almost all activity has ceased.

The Canal Administrator, Jorge Quijano, stated that ACP continues to try to find a solution [to the financial dispute], but stressed that the contractor must resume normal activity which is especially crucial during the dry season in Panama.

“ACP continues to keep the door open for a reasonable resolution within the contract,” Quijano reiterated.
 

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

People & Company News

Location of New Port Expansion Projects: Analysis

When it comes to port development, many governments now favour letting the market decide where expansion should take place, whereas most other transport infrastructure,

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers

GAC North America Passes the Helm to Schensema

GAC says it  has moved Claus Schensema to Houston, Texas, where he will take up the post of Managing Director of GAC North America Logistics. Schensema brings

Contracts

New Australian Navy Submarines to be Japan Built?

Australia should discuss building its next-generation fleet of submarines overseas, the Department of Defence said on Monday, a shift that could open the door to

Russian Navy Expansion Gathers Momentum

The Russian Navy celebrates its professional holiday by putting two new submarines into service and expects a new warship in the fall and several additional ships

Three Share in Navy US$96.8-M Twin-Ship Modernization Contract

The U.S. Department of Defense informs that AMSEC LLC; CDI Marine Co. LLC; and Q.E.D. Systems Inc., (all located in Virginia Beach, Virginia) are each being awarded a cost-plus-fixed-fee/cost-only,

Legal

Tanker with Iraqi Kurdish Oil Anchors off Texas Port

A tanker carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, and must undergo a routine safety inspection by the U.S. Coast

Panama's Alfonso Castillero Moves to Liberian Registry

The Liberian Registry informs that Alfonso Castillero, former Director-General of the Panama Registry, has joined their organization as Vice-President. Castillero

BV Group Launches Maritime Pilot Phase

Bureau Veritas Group Launched Maritime Pilot Phase for its Single Window for Foreign Trade in Togo. The ceremony took place in Lomé, under the patronage of the President of the Republic,

Finance

Leighton HY14 net margin Up to 2.7%

Leighton Holdings announced its results for the six months to 30 June 2014.   * Total revenue of $11.9 billion, up on HY13 * EBITDAiii of $843 million. Comparable EBITDAiv of $945 million,

LNG to Acquire Bear Head LNG Project in Canada for US$11 mi

Liquefied Natural Gas Limited today announced that it has significantly expanded its presence in the North American Liquefied NaturalGas (LNG) sector by signing

Three Share in Navy US$96.8-M Twin-Ship Modernization Contract

The U.S. Department of Defense informs that AMSEC LLC; CDI Marine Co. LLC; and Q.E.D. Systems Inc., (all located in Virginia Beach, Virginia) are each being awarded a cost-plus-fixed-fee/cost-only,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1501 sec (7 req/sec)