ACP Issues Statement on Ongoing Canal Expansion

Joseph Keefe
Tuesday, January 07, 2014
File Photo: Panama Canal Administrator Jorge Quijano

ACP reaffirms it's commitment to the 'Expansion Program' in a prepared statement, addressing recent turmoil with construction contractor.

The Panama Canal Authority (ACP) reaffirms its commitment to the international maritime community and its customers to successfully complete the Expansion Program, thereby fulfilling its objective in offering a new era of opportunities to world maritime commerce.

To date, the Expansion Program has an overall completion rate of 72% and the new locks project, which is one component of the Expansion Program, is 65% complete. The project is expected to be open to commercial transits by mid-2015.

In recent statements to the press, the contractor of the new locks, Grupo Unidos por el Canal, S.A. (GUPCSA), has expressed its intention to negotiate outside the terms of the contract, demanding additional funds, due to alleged cost overruns. The ACP trusts that the contractor will comply with the terms and conditions agreed upon and that they file any claims through the three-step process explicitly establioshed within the contract. The ACP maintains the position that GUPCSA honors the contract that was agreed upon.

We would like to reassure our customers that the contract was well drafted and includes guarantees for the completion of the new locks, even if the ACP is ultimately required to assume control of the project and deliver it within the shortest possible timeframe.

Our customers are our number one priority and we will seek to resolve this conflict in the best possible manner within the legal framework of the contract to ensure that the constructions continues and that the Expansion Program is completed.

Rest assured that the above mentioned situation with the contractors in one of the Canal Expansion projects has no impact upon our current Canal operations.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Danish Maritime Days Themes Announced

Four themes at this year’s Danish Maritime Days will highlight some of the most important challenges and opportunities which the global maritime industry is facing, organizers said.

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

Legal

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

SOLAS Container Weight Requirements FAQ

With new rules regarding the declaration of the accurate gross mass of a packed containers due to enter force, the International Maritime Organization (IMO) answers

Primeline Turns Against CNOOC

Primeline Energy Holdings Inc. announces that it has sent a letter to China National Offshore Oil Corporation (CNOOC) and CNOOC China Limited (CCL) (together CNOOC

Bulk Carrier Trends

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Commodities Shipping Firms Struggle to Ride Out Worst Downturn

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

Ports

SOLAS Container Weight Requirements FAQ

With new rules regarding the declaration of the accurate gross mass of a packed containers due to enter force, the International Maritime Organization (IMO) answers

New Connections for France, Port of Rotterdam

With the launch of a new rail shuttle and inland shipping link, connections between Northern France and the port of Rotterdam are now better than ever. Five times a week,

Mobile Shiploader Delivered to Port Metro Vancouver

Multipurpose heavy lift operator AAL has completed a series of shipments to Port Metro Vancouver (PMV) of a mobile grain shiploader to be installed at the Port’s

News

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Overcrowded Migrant Boat Flips, Five Dead

A large wooden fishing boat overcrowded with migrants capsized off the coast of Libya, the Italian navy said on Wednesday, with some 562 people rescued and five found dead.

Danish Maritime Days Themes Announced

Four themes at this year’s Danish Maritime Days will highlight some of the most important challenges and opportunities which the global maritime industry is facing, organizers said.

Government Update

Overcrowded Migrant Boat Flips, Five Dead

A large wooden fishing boat overcrowded with migrants capsized off the coast of Libya, the Italian navy said on Wednesday, with some 562 people rescued and five found dead.

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Mount Whitney Makes History

USS Mount Whitney (LCC 20), the U.S. 6th Fleet flagship, made history today as the first amphibious command ship to have an MV-22B Osprey land on its flight deck, May 23, 2016.

Logistics

SOLAS Container Weight Requirements FAQ

With new rules regarding the declaration of the accurate gross mass of a packed containers due to enter force, the International Maritime Organization (IMO) answers

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Commodities Shipping Firms Struggle to Ride Out Worst Downturn

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.1370 sec (7 req/sec)