(The Bulletin Panama) Panama was reelected in category “A” of the Council of the International Maritime Organization, (IMO) at the XXVII General Assembly of this organization in London, England. During the election process, the Panamanian vote was upheld by the administrator of the Panama Maritime Authority (AMP) Roberto Linares. Of the 170 countries of the IMO, only 10 … [Read more...]
Panama Canal earns one billion dollars in fiscal year
(AFP) The Panama Canal swelled the country's coffers by a record $1 billion in the 2010-2011 fiscal year, bringing the total earned since control of the waterway was handed over by the US to some $6.6 billion. The waterway which links the Pacific and Atlantic Oceans handles 5.0 percent of world trade annually, and was handed over to Panama's control by the United States on … [Read more...]
Panama’s growth to exceed 8.5 pct in 2011-IMF
(Reuters) - The Panama Canal's expansion is driving growth and demand in Panama, where economic growth is set to exceed 8.5 percent this year, making it one of the fastest-growing countries in the Western Hemisphere, the IMF said on Monday. "Near-term prospects are favorable, although global risks associated with economic activity and financial stability are on the rise," … [Read more...]
A small-ship view of a Panama Canal transit
(Miami Herald) They sit there motionless atop the horizon, ships of global commerce in perpetual line. Cloud-slung skies silhouette their bulk as crewmen bide the hours and days, impatient in the wet tropical heat for their turn to enter this grand gateway of the world — the Panama Canal. We wait too, bobbing beneath the arching iron of the Bridge of the Americas, wondering … [Read more...]
Panama Canal Orders 14 New Tugs
(gtCaptain.com) The Panama Canal Authority has ordered 14 new tugs in anticipation of increased traffic and larger vessels expected with the 2014 completion of the Third Set of Locks expansion project. The $158.3 million construction contract was awarded to Astilleros Armon S.A. of Spain, who beat out nearly 20 other bidders from countries in South America, Europe and … [Read more...]