Panama Canal Railway Company plans to invest $75 million once the concession of the port is approved, which is still waiting for legislation to grant the concessionaire the same tax benefits that other port operators receive.
An article on Thebulletinpanama.com reports that the operator of the Interoceanic train (PCRC) "... invested about $80 million in renovation and modernization in order to make initial annual capacity 400,000 containers. Since then the consortium made up of the US companies Kansas City Southern and Mi-Jack Products, has invested $100 million in improvements, equipment and expansion works. "
Regulations require companies to have majority Panamanian ownership; this poses a serious obstacle to the industry.
An article in Thebulletinpanama.com reports on protests generated by the adoption of Law 41, which states that at least 75% of the shares of companies involved in the auxiliary maritime industry must be owned by Panamanians.
The highway between the capital and Ciudad Colón gives advantages to trucking over rail transport.
Every week an average of over 400 containers are transported between the Pacific and Atlantic via highway. While rates are higher than those for rail, the timeframes are better, indicated shipping companies.
"The railroad moves 35% of cargo going through Panamanian ports and is considered a link in the logistics chain in the country. Currently the railway is operating at 40% capacity and, in recent weeks, it has moved 7.500 containers a week on average when demand is 12,000 containers", reports Thebulletinpanama.com
One of the routes is operated by Maersk Line from Asia to the US West Coast and the other by the company Hamburg Sud, going from South America to the Caribbean.
The Canal Administrator Jorge Quijano, said these two new services will generate "between $25 million to $30 million each." Vessels operating the routes are of medium size and will start going through the canal in the coming months.
From April 12th to 15th 2015 maritime industry representatives will be gathering together in Panama City to take part in business meetings and address issues such as formats for permits and concessions in maritime services, among others.
From a statement released by Thebulletinpanama.com:
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The International Merchant Marine Registry of Belize (IMMARBE) is under the Ministry of Finance, with its Head Office located in Belize City. The Registration of Merchant Ships Act, 1989 as amended in 1996 governs the merchant fleet.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (+501) 223 50 26