Leading provider of independent valuations, Valuation Research Corporation (VRC) says it has been engaged by the Panama Canal Authority to value the locks, dams, power plants and other structures of the canal for insurance purposes.
This is VRC’s second valuation engagement with the authority. In 2004, VRC was engaged to provide a comprehensive valuation in connection with financing the Canal’s expansion.
“We are very pleased to once again work with the Panama Canal Authority,” said Richard Nordberg, Managing Director. “Our past valuation of the underlying assets and canal business enterprise has put us in a good position to provide a current value for the physical assets of the canal.”
In its 100th year, the Panama Canal is still considered one of the largest and most difficult engineering projects ever undertaken. The Canal extends approximately 50 miles, through the Isthmus of Panama, from the twin ports of Cristobal-Colón on the Atlantic Ocean side to the port of Balboa (near Panama City) on the Pacific Ocean side. It is a globally significant landmark that benefits from the exponential increase in global trade.
In its last engagement for the Panama Canal Authority, VRC provided valuations of the operating assets, including the power generation and transmission lines, the water utility system, the lock system and the railroad assets, to help the Authority obtain financing for its expansion.
“This engagement is an important undertaking for our firm and we appreciate the opportunity to assist the Canal Authority in the valuation of an asset that is a tremendous engineering achievement and provides a significant economic contribution to the region,” said Nordberg.
VRC furnishes expert and independent opinions of value for solvency, fairness, business enterprises, intangible assets, capital stock, equity interests, real estate, and fixed assets.