Financial Institutions Visit Panama Canal
The five international financial institutions partially financing the Panama Canal Expansion Program traveled to Panama earlier this week to see the 96.6 percent progress made thus far. During their three-day visit to the Canal, representatives were guided through the Agua Clara and Cocoli locks, as well as the fourth phase of the Pacific Access Channel (PAC-4). They also toured the Canal’s training centers: the Center for Simulation, Research and Maritime Development (SIDMAR) and the new Scale Model Maneuvering Training Facility…
Maersk Publishes Sustainability Report
Having launched a new sustainability strategy last year, the Maersk Group has published its 2014 sustainability report, covering aspects of the group’s 2014 sustainability performance including human rights, anticorruption, responsible procurement, diversity, as well as performance and efforts within safety and the environment. Group CEO Nils S. Andersen said, “Our efforts in sustainability rest on one premise: it must support both society and our business activities. The strategy…
Ferry Safety in the Developing World
A convergence of forces makes for market opportunities for new safe ferry systems in the developing world. Need, policy, and funding are poised to provide a moment of opportunity. The expanding global economy has resulted in economic and population growth in developing world cities, resulting in horrendous road congestion. In response, governments and businesses have begun planning for intra-urban ferries wherever possible. Ferries in the developing world have a deserved reputation for being unsafe.
Multilateral Institutions Visit Panama Canal Expansion
Representatives from the multilateral institutions financing the Panama Canal Expansion Program visited today the new locks project construction in the Pacific side as part of their regularly scheduled visits. Experts from the Inter-American Development Bank (IDB), the European Investment Bank (EIB), Japan Bank for International Cooperation (JBIC), International Financing Corporation (IFC) and the Andean Development Corporation (CAF) participated in meetings for two days and visited the Expansion Program construction site. ACP executives made a comprehensive presentation of the current status of the project, including details of the work stoppage by Grupo Unidos por el Canal, S.A. (GUPC), the new locks project contractor.
Bank President Visits Panama Canal Locks
President of Inter-American Development Bank (IDB), Luis Alberto Moreno, visits the construction site of the new locks in Colon province. The new locks, situated on the Atlantic side, were visited by Moreno, accompanied by IDB delegates, who are in Panama to participate in the Fifty-Fourth Annual Meeting of the Board of Governors which takes place from March 14 to 17, 2013. During the visit, Panama Canal Administrator Jorge Luis Quijano presented an update on the progress of the Expansion Program.
World Bank Offers to Aid Jamaica's Logistics Hub Plans
Jamaica’s plans to become one of the world’s top four logistics centres has received a major boost after the World Bank committed to providing technical and other assistance for specific aspects of the proposed Global Logistics Hub initiative. The World Bank Group, through its representative to Jamaica, Giorgio Valentini, has endorsed the Government of Jamaica’s plans for the logistics hub initiative, describing it as ‘transformational’ when implemented which will significantly enhance Jamaica’s potential for growth. A 16 person delegation from the World Bank Group visited Jamaica last month for consultations on Jamaica’s Country Partnership Strategy which will feature the Logistics Hub Initiative.
Multinational Institutions Visit Panama Canal
Representatives from the five multilateral institutions that have signed agreements for the financing of the Panama Canal Expansion Program took part in the annual visit organized to oversee the program’s progress. “This visit is part of the agreement signed between the Panama Canal Authority and the five institutions that have provided partial financing for the Expansion Program,” Panama Canal Administrator Jorge L. Quijano said at the end of the tour. The delegation included experts from the Inter-American Development Bank (IDB)…
Panama Canal Signs $2.3b Financing Agreement
On December 9, Panamanian President Martín Torrijos and Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta signed a $2.3b agreement with leaders from five multilateral and development agencies to finance the waterway’s most historic project to date: expansion. In an official ceremony held at Panama’s Ascanio Arosemena Auditorium, Mr. Alemán Zubieta and top executives from the five agencies signed the agreement to officiate the financing package, which will cover a portion of the $5.25b Canal Expansion Program.
Financing Structure for Canal Expansion Program
Panamanian President Martín Torrijos announced the final financing structure for the historic Panama Canal Expansion Program. Five major multilateral agencies from Europe, Asia and offered to finance the Canal expansion project. The Panama Canal Authority, after months of extensive negotiations, has accepted the banks’ offers. The $2.3 billion financing package will cover a portion of the $5.25 billion total cost of the project. Financing agencies are the European Investment Bank (EIB)…
Financial Groups Meet to Discuss Financing for Panama Expansion
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.
Finance Groups Meet to Discuss Canal Expansion
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.
Panama Canal Commits to Sustainable Development and the Environment
In a move affirming their commitment to sustainable development and the environment, the Panama Canal Authority (ACP) announced today that Administrator Alberto Alemán Zubieta and Juan Hector Díaz, Director for Environment and Security, attended the World Business Council on Sustainable Development's (WBCSD) annual meeting in Washington, D.C., as council member and delegate respectively. They joined chief executive officers and executives of major corporations and businesses, such as: 3M, British Petroleum, Eastman Kodak, Caterpillar, Ford Motor Company, General Motors and Time Warner, all members of the WBCSD. The ACP joined the WBCSD in August 2002.
Marubeni to Participate in Peru LNG Project
Marubeni Corporation has signed the Sales and Purchase Agreement with SK Energy for the acquisition of 10% interest in the Peru LNG Project. The international project consortium for the project consists of Hunt Oil Company (50%) of the United States, SK Energy (20%) of Korea, Repsol YPF (20%) of Spain and Marubeni Corporation (10%) of Japan. This project, located on the west coast of Peru in the South America, has geographical advantage to supply competitive LNG products not only to the Latin America market and U.S. West Coast market but also to Asian Far East market as possible alternative destination. Natural gas feedstock will be supplied from Camisea gas field and processed at LNG Plant located at Pampa Melchorita area, south of Peruvian capital Lima.
Consortium Launches LNG Project
The Peru LNG project, the largest industrial project ever to be undertaken in the history of Peru, officially launched today by awarding to Chicago Bridge & Iron Company N.V. (CB&I) the engineering, procurement and construction (EPC) contract for a natural gas liquefaction plant valued in excess of $1.5b. The Notice To Proceed authorization represents a commitment by the international project consortium (consisting of Hunt Oil Company of the United States, SK Corporation of Korea and Repsol YPF of Spain) to move forward with their direct investments to develop the Peru LNG gas export project. Hunt Oil Company will serve as operator of the project. Peru LNG is a key component in Peru's overall energy plan.
ACP Chairman Addresses Executives
Panama Canal Authority (ACP) Board Chairman and Concurrent Minister of Canal Affairs Dr. Ricaurte VÃ¡squez Morales spoke at a private-sector forum hosted by the Inter-American Development Bank (IDB) and Japan Bank for International Cooperation (JBIC) in Tokyo, Japan last Friday, September 22. Dr. VÃ¡squez briefed forum participants on the Panama Canal expansion proposal, as well as highlighted investment and business opportunities in the areas of infrastructure, multi-modal transportation, information technology and logistics. The forum was designed to strengthen and develop partnerships between business leaders in Latin America and the Caribbean with their counterparts in Japan and other East Asian countries.
Victor Roach Honored with AAPA Service Award
Longtime Barbados Port Authority official Victor Randolph Roach today was honored by the American Association of Port Authorities (AAPA) with its Distinguished Service Award. Roach, who in December retired from his positions as deputy general manager and secretary of the board of directors of the Barbados Port Authority, was cited for his role in advancing hemispheric understanding of Caribbean ports and for his contributions to the cruise industry. He joined the authority as deputy general manager in 1994. Roach served as chairman of AAPA's Caribbean Delegation from 2000 to 2001 and has served on the AAPA Executive Committee and AAPA Board of Directors. Since its inception, Roach has been an active member of AAPA's Cruise Committee.