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Thursday, June 29 2017 @ 06:58 AM EDT

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Jaxport Stands To Gain From Carrier

Canal ExpansionBy Jeff Hess for WOKV.com - Jacksonville's shipping industry all stands to gain from the new nuclear carrier. Jaxport director Rick Ferrin said the Navy will dredge parts of the river that they had planned to deepen. He said the navy will do about 1.5 miles of 15 miles of dredging that they had planned to do to accommodate larger ships following the expansion of the Panama Canal. "About 10%, so I would say the saves for us could be somewhere between 50 and 70 million dollars," Ferrin said. He says the ship also brings a skilled work force for them to draw from. He says a lot of their work force is people who have moved on from the Navy. "They come with a lot of skills and great work ethic, so it's a great source of people or us," Ferrin added. He says the carrier could also increase travel on the Mayport Ferry which is currently running at a deficit.
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IFC approves US$300mn for Panama Canal expansion - Panama

Canal ExpansionBy Business News Americas staff reporters - The Word Bank's (WB) International Finance Corporation (IFC) has approved a US$300mn loan to the Panama Canal Authority (ACP) to support its US$5.25bn expansion project, IFC reported in a release. The 20-year loan is part of a new business line developed jointly by IFC and WB to provide financing without sovereign guarantees to well-run local governments and public companies for essential infrastructure investments, the release said. On October 15, Panamanian President Martín Torrijos officially announced the final financing structure for the expansion project. The funding strategy aims to raise US$2.3bn from five major multilateral agencies: the European Investment Bank (US$500mn), the Japan Bank for International Cooperation (US$800mn), IDB (US$400mn), IFC (US$300mn) and the Andean Development Corporation (CAF) (US$300mn). (more)
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Panama Canal Says Credit Crisis Won't Disrupt Expansion Funding

Canal ExpansionBy Shigeru Sato and Yuji Okada Oct. 31 (Bloomberg) -- The Panama Canal Authority is confident of winning loans to fund a $5.2 billion expansion to more than triple the waterway's cargo capacity, even as the global credit crisis cuts access to funds and threatens growth. ``We have a very successful financing package put in place even in this unstable financial market,'' Alberto Aleman, the canal's administrator, said in an interview in Tokyo yesterday. Expanding the 94-year-old canal will ease congestion and let larger cargo vessels, bulk carriers and oil tankers pass through. About 27 percent of the world's container ships are too big for the 50-mile (80-kilometer) canal, a figure that will rise to 37 percent by 2011, the authority has said. So-called panamax ships, designed specifically to fit the canal, can carry 4,000 twenty-foot containers. Expansion will let cape-size vessels with as many as 12,600 containers transit the waterway linking the Pacific and Atlantic oceans. (more)
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Japanese group to finance Panama Canal project

Canal ExpansionThe Yomiuri Shimbun - Japanese financial institutions have agreed in principle with the Panama Canal Authority to provide 800 million dollars for a project to widen the canal to alleviate congestion in it, it was learned Saturday. According to sources, of the 800 million dollars, the Japan Finance Corporation's Japan Bank for International Cooperation will provide 400 million dollars, and Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp. and others will provide the remaining 400 million dollars through joint financing. The Panama Canal is a major artery connecting the Atlantic Ocean to the Pacific Ocean. However, the canal is chronically congested, causing a wait time of several days for ocean vessels wanting to enter it. To help solve the problem, excavation of trenches along both sides of the 80-kilometer-long canal began in 2007, to be completed in 2014, the 100th anniversary of the opening of the canal. The Panama Canal Authority plans to procure 2.3 billion dollars of the total project cost of 5.25 billion dollars from overseas, from such sources as Japanese financial institutions and the Inter-American Development Bank. The Japanese financial institutions determined they would be able to recoup their loans as the Panama Canal Authority has begun raising the canal's tolls, according to the JBIC's Americas Finance Department. Japan is the third most frequent user of the canal, following the United States and China. A consortium of Taisei Corp. and Mitsubishi Corp., both Japanese companies, and U.S.-based Bechtel Corp. has announced its plan to undertake the widening project. With its completion, the shipping volume will double in the canal, and more types of vessels will be able to use it, including mid-size oil tankers and liquefied natural gas carriers in addition to the current container vessels. The project is also expected to drastically reduce the time it takes to transport oil from Latin American countries, which is usually transported via the Cape of Good Hope off South Africa.
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Panama extends bid deadline for expansion

Canal ExpansionThe JOURNAL of COMMERCE ONLINE - The Panama Canal Authority announced that it is pushing back the deadline for companies to submit their proposals to build the waterway's new set of locks. The four consortia of international engineering companies that are competing for the contract will now have until March 3, 2009 to submit their bids for what will be the largest project under the $5.25 billion expansion program. The proposals were originally due at the end of this month, but the authority said it has received requests from the consortia to extend the bid submission deadline. The additional time given to the consortia will result in more fully developed bids on both the technical and price proposals, ultimately benefiting the project, it said. The expansion process continues to be on track and moving along as planned. Expansion will build a new lane of traffic along the Panama Canal through the construction of a new set of locks that will double capacity and allow more traffic and longer, wider ships.
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Panama wins $2.3 bln for major canal expansion

Canal ExpansionBy Andrew Beatty PANAMA CITY, Oct 14 (Reuters) - Panama has won $2.3 billion in loans from five government-backed lenders to finance its ambitious canal modernization project following nearly 18 months of talks, the government said on Tuesday. Despite a global financial crisis and a credit freeze, Canal Minister Dani Kuzniecky said the canal authority had received loan offers worth $2.9 billion and would tap financing from Japan, Europe and the Americas. Kuzniecky said Panama, which aims to spend $5.25 billion on a third set of locks for its interoceanic canal to allow for bigger ships, had decided against issuing bonds or seeking commercial bank loans to fund the project. "The most convenient option was in effect bilateral and multilateral public agencies," he told a news conference. (more)
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IDB supports Panama Canal expansion, largest infrastructure project in Latin America

Canal Expansion Portal Fator - Bank’s board approves loan for Autoridad del Canal de Panamá. The Inter-American Development Bank today approved a loan of up to $400 million for the Panama Canal expansion, the largest infrastructure project underway in Latin America. “The IDB has been a steadfast partner for Panama for nearly 50 years,” said Bank President Luis Alberto Moreno. “We are proud to assist in this key investment in the future of Panama’s greatest national asset, especially when conditions in international financial markets are so uncertain.” The loan approved by the IDB's Board of Executive Directors is for Autoridad del Canal de Panamá (ACP), the autonomous government-owned entity that manages and operates the 77-kilometer canal linking the Atlantic and the Pacific oceans. (more)
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Panama Canal Documents Historic Expansion

Canal ExpansionPLANO, Texas, Oct 01, 2008 /PRNewswire-FirstCall via COMTEX/ -- ViewCast Solutions to Stream Video from Massive Construction Project and Enable Training, Richer Employee Communication. As the Panama Canal Authority (Autoridad del Canal de Panama, or ACP) proceeds with its $5.25 billion, seven-year canal expansion project, solutions from ViewCast Corporation will play an important role in historical documentation and public information. The ACP has chosen ViewCast's Niagara(R) 7224 video encoding system to enable Web streaming of a wide variety of live and on-demand programming related to the expansion project, and to provide training for the ACP's 9,000-plus employees. "Technology has come a long way since the building of the original canal, when we were only left with still photography and a small amount of film footage to document the event," said Edwin Reina, chief information officer for the ACP. "Thanks to the advanced streaming technology provided by ViewCast, we'll be able to deliver a wealth of content to our Web site to keep the public updated on the progress of the project, and to ensure that this monumental and historical event is recorded for posterity." (more)
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Panama Canal solicits bids for next phase of expansion

Canal ExpansionThe JOURNAL of COMMERCE ONLINE - The Panama Canal Authority has released a request for proposals soliciting bids for the third of four dry excavation projects, marking the next phase in the waterway's multibillion-dollar expansion project. The project will help to create a critical access channel linking the new Pacific locks with the Canal's existing Gaillard Cut. The scope of work will include the excavation, removal and disposal of 8 million cubic meters of material. Moreover, the RFP calls for demolishing the Cocoli Bridge and clearing 190 hectares of unexploded ordnances -- remnants from former United States training facilities in the Canal Zone. Similar to the first and second dry excavation projects, this contract will be awarded to the firm or consortia with the lowest priced proposal that meets all of the RFP's requirements. Proposals are due Nov. 18.
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New Contract To Expand Panama Canal Opens

Canal ExpansionPANAMA CITY (AFP) - Bidding has opened on the third contract to expand the Panama Canal's access to the Pacific Ocean, the Panama Canal Authority (ACP) announced Tuesday. The contract, to be awarded through competitive bidding at the lowest price, will be to excavate, remove and dispose of eight million cubic meters of material from 6.7 kilometers (4.2 miles) of the channel to the Pacific. The work also includes the cleanup of ammunition and explosives from approximately 190 hectares (470 acres) of a former shooting range used by the US military during their presence in the Central American nation, the ACP said in a statement. "The expansion is advancing in accordance with the program," said Jorge Luis Quijano, the ACP's executive vice president of engineering and program administration. The canal expansion project, begun in September 2007 and budgeted at 5.25 billion dollars, is expected to be completed by August 2014, 100 years after completion of the initial construction on the 80-kilometer (50-mile) canal connecting two oceans. The canal was built 1904-1914 by the United States, which handed control over to Panama in December 1999. The largest ships that now use the canal carry up to 5,000 containers, but after the expansion supertankers and ships carrying as many as 12,000 containers will be able to sail the canal.
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IDB Considers $400 Million Dollar Panama Canal Loan

Canal ExpansionMaritime Global Net - Wednesday, 17 September 2008 THE Inter-American Development Bank (IDB) says that it is considering a US$400m loan to help finance the historic Panama Canal Expansion Program. The announcement came from Luis Alberto Moreno, president of the IDB, at a breakfast forum hosting President Martín Torrijos of Panama. "Our interest in this project demonstrates our confidence in the economic transformation that you (President Torrijos) have been leading during your administration," said Mr Moreno. “The IDB’s announcement signifies that Panama is on the right track. As a country, we have laid the foundation that helps to make the expansion project possible. In addition, this loan consideration reinforces the bank’s trust and confidence in the Panama Canal Authority,” said Canal Administrator Alberto Zubieta. “Determining the financing structure for the Canal’s expansion is a critical part of the process, and we appreciate all of the interest received thus far.” 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.
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Expanding the Panama Canal - One Year After Groundbreaking

Canal ExpansionMaritime Global Net - PANAMA CITY, Panama, September 3, 2008 – On September 3, 2007, Panamanian President Martín Torrijos, the Panama Canal Authority (ACP) and several former and current heads of state witnessed and celebrated the historic groundbreaking of the Canal Expansion Program. Expansion, which will build a new lane of traffic along the waterway through the construction of a new set of locks, will double capacity and allow more traffic and longer, wider ships. In addition, it will significantly augment the Canal’s revenue stream while maintaining the viability of the route. That September morning, joined by more than 30,000 Panamanians, the ACP kicked off its first major construction project of expansion – the dry excavation of Paraiso Hill. The project will ultimately help create the new Pacific locks access channel that will connect the Gaillard Cut (the narrowest stretch in the Panama Canal) and the area where the new Pacific locks will be built. Today, one year later, the ACP celebrates the achievements of all those who have contributed to the Expansion Program and looks forward to the future with optimism and great anticipation.
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IFC Mulls $500 Million Loan For Panama Canal Expansion

Canal ExpansionMEXICO CITY -(Dow Jones)- The International Finance Corporation is considering a loan of up to $500 million to help finance the expansion of the Panama Canal. In a press release published its Web site Friday, the IFC said the loan to the Panama Canal Administration would help fund a portion of the total project cost, estimated at around $5.25 billion. The project includes the construction of a third set of locks and the deepening of the Pacific and Atlantic entrances to the canal. Canal operations generated, either directly or through multiplier effects, about 18.6% of Panama's gross domestic product, 41.2% of its export volume, and 28% of fiscal revenue in 2005, according to the IFC. "Preliminary estimates suggest a permanent 0.6%-to-0.8% boost to real GDP growth after expansion," it said. The IFC said its board of directors could review the loan proposal as early as mid-October.
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Martin Torrijos Reviews Works to Expand Panama Canal

Canal Expansion By José Edwin Sánchez M. for La Critica - Now with the completion of the first year of construction on the expansion of the Panama Canal, Panamanian president Martin Torrijos received a report yesterday on the advances achieved to date on the construction of the third set of locks. Torrijos observed from Cerro Cocolí the earth moving work that make up part of the construction of the 6.1 kilometer navigation channel that will unite the new locks on the Pacific end of the Panama Canal with the Corte Culebra. To date 60 contracts worth more than $296 million dollars have been awarded for services, consultants, and construction. The expansion project has created more than 2,000 jobs this year. (more)
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Canal fossils give clue to formation of Americas

Canal ExpansionBy Andrew Beatty PANAMA CITY (Reuters) - Scientists in Panama have unearthed hundreds of animal fossils dating back 20 million years, which could shed more light on how and when the American continent became connected. Geologists from the U.S. Smithsonian Institution, which has a permanent base in Panama, say engineers digging to widen the Panama Canal have uncovered more than 500 fossils including teeth and bones of rodents, horses, crocodiles and turtles that lived before a land bridge linked North and South America. "With these discoveries we will be able to get more information about the process by which the continual land bridge was formed," Smithsonian geologist Camilo Montes told Reuters. (more)
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ACP CEO Zubieta to Speak at FFCA Conference

Canal Expansion
ACP CEO Alberto Aleman Zubieta
ACP CEO Alberto Aleman Zubieta
NEW YORK, June 19 /PRNewswire/ -- Alberto Aleman Zubieta, Chief Executive Officer of the Panama Canal Authority (ACP), will provide a keynote address to an audience of 500 attendees at the upcoming Faster Freight - Cleaner Air (FFCA) East Coast conference on one of the most important infrastructure projects in the world, the Panama Canal Expansion Program. Providing an all water route between Asia, the East Coast of North America, and Europe, Mr. Aleman Zubieta will highlight key elements of the expansion program that will accommodate the world's largest ships and increased tonnage. With the Canal's expansion, Mr. Aleman Zubieta will discuss how continued North American infrastructure development and the adoption of efficient and environmentally friendly technologies and business practices will allow the East Coast goods movement industry to be prepared to meet future growth needs for faster freight and cleaner air. FFCA East Coast will take place July 8-10, 2008 at the Jacob K. Javits Convention Center in New York, NY. (more)
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Panama Canal Authority, Port of New Orleans renew alliance

Canal ExpansionJeff Berman -- Logistics Management PANAMA CITY, Panama—The Panama Canal Authority (ACP) and the Port of New Orleans said this week they have renewed their Memorandum of Understanding (MoU), which has been in effect since 2003. This renewal comes at a time when the Port of New Orleans is focused on its recently-announced $1.04 billion 22020 growth Master Plan, which it said is partially driven by the Panama Canal expansion that is expected to be completed by 2014 and open by early 2015. When the expansion is done, the Port of New Orleans said it will spur investment, increase trade and promote the All Water Route from Asia to the U.S. East and Gulf Coasts via the Panama Canal. After the expansion, the canal will accommodate vessels up to 160 feet wide and 1,200 feet long, with a 50-foot draft. The maximum size for container vessels will increase to 12,000 twenty-foot equivalent units (TEUs). (more)
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Second Phase of Dry Excavation Work On Track

Canal ExpansionMaritime Global Net - PANAMA CITY, Panama, May 28, 2008 – In the first two months of execution, the second dry excavation contract for the Pacific Access Channel (PAC 2) removed 263,246 cubic meters of material. The Mexican-Panamanian consortium Cilsa Panama-Minera Maria started the excavation work March 21 and by April 30, registered 3.2 percent progress.
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Panama Canal Expansion Shrinks Paradise

Canal ExpansionTheLog.com - Starting nine months ago on the Pacific side of the Panama Canal’s “Third Lane” expansion project, giant earth movers have already reduced the height of Paradise Hill (Cerro Paraiso) from 136 meters down to 72.5 meters. Once a historic landmark for boaters transiting the canal, Paradise Hill stands just north of the Pedro Miguel Locks and south of the huge new Centenario Bridge. For boaters heading toward the Pacific, the jungle-clad flanks of Paradise Hill marked the beginning of their down-locking process, or for those up-locking toward the Caribbean, it welcomed them to the waterway’s highest elevation, about 85 feet above sea level. Urbana Construction Co. of Panama has been working 24 hours a day. So far, they’ve lowered Paradise Hill’s summit the equivalent of a 21-story building — and by the time they’re done, Paradise will stand only 46 meters high. Boaters report no delays under way due to the expansion construction, which began in December 2007, but scheduling delays that started in March are still affecting boats seeking transit from the Pacific to the Caribbean.
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36 Tons of Explosives Used in Panama Canal Expansion Blasting

Canal Expansion La Prensa - With the simultaneous detonation of 36 tons of explosives yesterday, the height of "Cerro Paraíso" was reduced from 136 meters to 55 meters. The explosion is, according to the Panama Canal Authority, the second largest blasting operation since the start of the project to expand the Panama Canal on 3 September 2007. The explosives were used to break up the solid rock of cerro Paraíso, and comprises part of the work to build the third set of locks and expand the Panama Canal. (Photo Credit: La Prensa/Ana Rentería)
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Panama Canal Expansion Is on Schedule, Torrijos Says

Canal ExpansionBy Carlos Barletta (Bloomberg) -- Panamanian President Martin Torrijos said the $5.2 billion Panama Canal expansion project is on schedule and the government is still considering options for financing $2.5 billion of the costs. ``The Panama Canal board is meeting with financial advisers to seek the best terms,'' Torrijos said today during a visit to a construction site where workers were excavating rock to widen the 93-year-old canal that links the Pacific and Atlantic oceans. Torrijos said 283,000 Panamanians have applied to work on the expansion, or about 12 percent of the country's workforce, according to the comptroller's office. The agency that oversees the canal estimates as many as 7,000 jobs will be created in construction, with an additional 40,000 new positions in related industries such as ship repair and fuel sales. The Panama Canal agency has signed $287 million worth of contracts. By the end of 2008, it plans to announce the winner of a $3 billion project to add locks to the waterway. Bidders include Bilfinger Berger AG of Germany, Empresas ICA SAB of Mexico, Japan's Mitsubishi Corp. and Bechtel Group Inc. from the U.S.
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Award for Panama Canal Authority

Canal ExpansionMaritime Global Net.com - PANAMA Canal Authority (ACP) deputy administrator/CFO José Barrios Ng was presented with the “Best Long Term Performance Project” and “Strategic Project of the Year” awards for the Panama Canal Expansion Program at the 6th Annual CG/LA Infrastructure Latin-American Forum held at the Miami Marriott Biscayne Bay Thursday, 3 April. Every year, CG/LA Infrastructure forms a committee to select executives and companies that have demonstrated remarkable strategy, clear vision and prominent ideas to move the region forward. The panel made up of sponsors from different countries recognizes those executives and companies for their leadership. The Panama Canal Expansion Program received two awards: “Best Long Term Performance,” as it will be ongoing for at least five years, and the “Strategic Project of the Year" award in Latin America. Other countries that were also awarded for their infrastructure initiatives were Mexico, the Dominican Republic and Costa Rica. “We are honored by this recognition and I share this with the best asset of the Canal, our hard-working world-class work force. This award also represents the foresight of all Panamanians whose support has been instrumental in making this project a reality,” said Deputy Administrator/CFO José Barrios Ng.
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Manatee conference focuses on Panama Canal growth

Canal ExpansionHerald Tribune.com - Executives from more than 14 seaports in the southeastern United States will be at Port Manatee and the Sarasota Hyatt on Thursday and Friday. Manatee County's port and Seabulk Towing are the hosts of a regional conference of the International Propeller Club of the United States. The topic is how an expansion of the Panama Canal to accommodate larger vessels will affect American ports from Charleston to Houston. Rodolfo Sabonge, vice president of market research and analysis for the Panama Canal Authority, will be a guest speaker Friday. Port Manatee Executive Director David McDonald will moderate a panel discussion. To register for the conference or attend specific events, go to www.manateepropellerclub.com.
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NPR and the Panama Canal

Canal Expansion

By DON WINNER for Panama-Guide.com - National Public Radio did a couple of shows recently about Panama and the expansion of the Panama Canal, water, trees, and drought:

Thanks for the heads-up, Chris.

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Experts Discuss Panama Canal Expansion

Canal ExpansionTampa Bay Business Journal - Maritime and port executives from 14 Southeast port communities are scheduled to attend a conference on how the Panama Canal expansion will impact ports from Charleston to Houston. The 2008 Southeast Region Conference of the International Propeller Club of the United States is open to the public. It will feature Rodolfo Sabonge, vice president of the office of market research and analysis of the Panama Canal Authority, on April 11 at the Hyatt Regency Sarasota. John Vickerman, founding principal of TranSystems Corp., will open the two-day conference from Port Manatee explaining his views on "Planning for a Bigger, Wider Canal" on April 10. The conference's two key presentations are separated by a Panama Canal panel discussion at Port Manatee moderated by David L. McDonald, executive director of the Manatee County Port Authority. Registration for the entire conference is $250. To register go to www.manateepropellerclub.com.
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ACP Awards Pacific Dredging Contract for Expansion Project

Canal ExpansionBy Jerónimo Ramírez U. for La Estrella - The Panama Canal Authority (ACP) awarded the contract to dredge the Pacific entrance of the Panama Canal as part of the canal expansion project to the Belgian company Dredging Internacional, who presented a bid of more than $177.5 million dollars. The two other companies that participated were Boskalis International BV bidding more than $258.8 million dollars, and a consortium consisting of Jan De Nul N.V/Van Oord Dredging and Marine Contractors BV for more than $485.4 million dollars. The European company winning the contract is one of the most important dredging companies in the world and has some of the most sophisticated equipment in this industry, according to the ACP.
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New $95 Million Dollar Dredge for the ACP

Canal ExpansionEl Siglo - The Panama Canal Authority (ACP) awarded a contract to design and build a new cut and suction dredge, which will be used as part of the program to expand the Panama Canal, for a cost of $95.9 million dollars. The new dredge, which will be delivered in May 2011, will be designed and built by the Dutch company IHC Beaver Dredgers B.V., a world-wide leader in this industry, in a shipyard in Sliedrecht, Holland and delivered in canal waters, according to the ACP. The dredge will have modern equipment, systems and components, with the required yield and functionality for its efficient operation. The machine will have the capacity to dredge throughout the canal (Corte Culebra, Gatún lake, and the Pacific and Atlantic entrances to the canal) and will be able to dredge down to a depth of 25 meters, even after the expansion is complete. With this new dredge the ACP will increase the productive capacity of its dredging fleet. At the moment the ACP has one "cut and suction" dredge built in 1942.
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First Panama Canal Excavation Contract 24% Complete

Canal Expansion By Ana Rentería for La Prensa - The first contract for excavation and dirt removal for the expansion of the Panama Canal has advanced 24%. This information was included in a report delivered to the company responsible for the execution of the contract to the Advisory Board of the Panama Canal, which has been meeting since yesterday.
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U.S. may not be ready for Panama Canal's expansion

Canal ExpansionBy JIM LANDERS / The Dallas Morning News TAMPA, Fla. – Port directors say the United States is not ready for the shake-up in trade patterns across the Western Hemisphere that is likely to follow the expansion of the Panama Canal, which is now under way. That lack of preparedness could mean higher prices than necessary for imported goods, costly delays in moving U.S. exports out of the country – and economic benefits for Caribbean seaports that might otherwise flow to Houston, Corpus Christi and inland to Dallas.Port directors, shipping company managers, government leaders and financiers at a conference in Tampa, Fla, last week described a slew of problems facing the ports and transportation companies on the Gulf and East coasts as they seek to capitalize on what should be a golden opportunity. (more)
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Panama Canal expansion gives market opportunity to Tampa

Canal ExpansionTampa Bay Business Journal - Sean Connaughton, administrator of the U.S. Marine Administration, led off Wednesday's conference on the Panama Canal expansion and the resulting shift in international trade routes. The Port of Tampa needs to invest in its infrastructure and diversify its product line if it is to capture its share of the projected increased shipping when the Panama Canal completes its expansion in 2014, said Connaughton. While the Panama Canal expansion completion is six years away, that isn't much time in the maritime industry when talking about infrastructure improvements, he said. Ports that begin investing now will be ready to capture additional market share in 2014. (more)
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