ACP Invests $320 million in Modernization Projects

Investments in lock lighting and the purchase of five tugs boats, among others, have been made to improve the service.

Tuesday, June 2, 2009

The improvements, according to the Panama Canal Authority (ACP), have increased daily traffic and provided greater security.

Laestrella.com.pa published: "According to the ACP, investments reached $320 million in projects such as a new locomotive turntable system and rails, a second mooring station and the replacement and conversion of the fleet of boats for the Canal."

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2009, the year for bids at the Panama Canal

January 2009

From January to March of this year 12 bids will be held, while the new locks are scheduled to put to tender during the second quarter.

Laestrella.com.pa reports: "According the ACP, four consortiums which pre-qualified to take part in the bidding are preparing their proposals.

Panama Canal secures financing

December 2008

The Panama Canal Authority (ACP) completed a contract yesterday to finance the expansion of the Canal.

The total figure is $2.3 billion. The aforementioned contract was made with the European Investment Bank for $500 million, the Bank of Japan for International Cooperation for $800 million, the Inter-American Development Bank for $400 million, the International Finance Corporation for $300 million and the Andean Development Corporation for $300 million.

Panama Canal Extends Deadline for Dry Excavation Bids

December 2009

The deadline for submitting bids for the fourth and last dry excavation project was postponed to December 10th.

The original deadline was December 3rd, but the Panama Canal Authority decided to give companies more time.

"This contract comprises excavating 27 million metric tons of unclassified material to build an access waterway connecting the new Pacific locks with the Culebra Cut", reported Prensa.com.

Panama Canal Expansion Awarded $4 Billion in Contracts

May 2010

As of March 2010, the Panama Canal Authority (PCA) had awarded $3,993 million in contracts related to enlarging the Panama Canal.

$331.7 million have already been disbursed, according to data from the PCA.

As for the progress of the project, the Authority reported that the excavation of the Pacific waterway, known as phases 3 and 4, is 63% and 9% ready respectively.

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