The Panama Canal which was inaugurated just over two years ago and at a cost of at least 5,600 million dollars has reached a new milestone of facilitating 4,000 neopanamax transits.
The Canal expansion started in 2007 at the cost of 5.25 billion dollars, an amount that has risen by at least 373.3 million dollars for the payment of contractors’ claims.
New feat
Jorge Quijano, administrator of the route said, “Today the #CanalAmpliado (expanded Canal) reached 4,000 neopanamax transits with the passage of the LNG Maria Energy, a challenge overcome with the talent of the 10,000 collaborators of the Canal working as a team”.
The United People for the Canal Group (Unidos por el Canal, GUPC), led by the Spanish Sacyr and made up by Impregilo (Italy), Jan De Nul (Belgium) and CUSA (Panama), built the new locks with a contract signed in 2009 for 3.118 million dollars , although it has raised arbitration claims totaling 5,393 million dollars, according to data from the Panama Canal Authority (ACP).
Budget allocated
The ACP introduced a budget for fiscal year 2018-2019 amounting to 3,239.5 million dollars, higher than the 3,037.5 million that is currently in force, and in which estimates direct contributions to the National Treasury for 1,736.6 million dollars, which 77 million more than the current calculation.
The budget proposed by the Panama Canal for the fiscal period 2018-2019 amounts to 3,239.5 million dollars, a figure higher than the 3,037.5 million that is currently in force.
The budget of the Panama Canal Authority (ACP) for the fiscal period from October 1, 2018 to September 30, 2019 approved on Tuesday by the Cabinet Council, also includes direct contributions to the National Treasury of 1,736.6 million dollars, 77 million more than the current calculation.
Increase in revenue
After receiving the endorsement of the Cabinet, the budget of the ACP will be submitted to the approval of the National Assembly (AN-Parliament) for approval.
The administrator of the ACP, Jorge Luis Quijano, said this budget proposal estimates an increase of 212.7 million dollars in revenues from the water transit business compared to the approved budget of 2018.
It is estimated that in fiscal year 2018-2019 the Canal will pass 450.7 million tons of CP / SUAB (Universal System of Ship Arcing of the Panama Canal), which represents an increase of 21.3 million tons compared to the 2018 budget.
The next budget of the interoceanic route includes necessary resources amounting to 1,228.9 million dollars for Canal operations and maintenance of its equipment and infrastructures, according to official information.
The current budget amounts to 3,037.5 million dollars, with contributions to the State for 1,659.2 million dollars.
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Source: Panama Today
