Building the New Panama Canal

Thousands of poetic works have been penned about every aspect of life in Panama. This country is driven with a literary heritage dating back nearly 400 years. In modern times, few of the features of life in Panama have inspired more rough neck poetry than the world famous Panama Canal.

A wonder of the world it is

Equal to 6000-plus, war ships

Six pyramids by the Gaza strip.

With all its tunnels, and locks,

Dams, lakes, fifty-one miles of it;

Buildings, mess halls, bridges— Structures and more structures;

Spillways and much cartage;

Bulldozers, trains—ten-years of it,

Building:

Excavations, constructions—:

Like digging a big ditch, through

Mountains, valleys, lakes—all

All I say, all immense, immense

With tons of cement and steel,

Between silt and mud; and two

Oceans between: obstacles

One after another—yellow fever. The Suez Canal is but a glimpse

Of this immense task, in Panama;

Unequal in every way, to its grandeur.

When you visit Panama, make sure to bring pen and paper. You can never tell when a muse will stroke save to say that in Panama, they strike often. From picturesque mountains cloaked in lush rainforests, to pristine beaches, and the cosmopolitan sophistication of Panama City, the Gem of Central America stands alone. While in the country, make sure to take time to walk through some Panamanian real estate. Bargains are plentiful and the real estate market in Panama remains strong. Find the inspiration for your next masterpiece, in Panama.

If you are interested in investing in Panama, gaining residency here, doing your offshore banking in Panama, starting a business, meeting the right people, or finding the ideal retirement location on the beach contact one of our Panama experts today.

Email us at The Panama Club for discrete answers to any questions you may have about Panama.

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In an address before the Retail Industry Leaders Association (RILA) Logistics Conference in Dallas, Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta reported that the much anticipated second canal project is on time and on budget

Slated for completion in 2014, one hundred after the opening of the existing canal in 1914, today’s expansion project will double the capacity of Panama’s Atlantic to Pacific short cut.

With a budget of $5.2 billion, the expansion of the canal is the largest public works project in Panama’s history. Zubieta was quick to deny rumors that the prject was falling behind, assuring all at the conference that the expansion would be completed on time.

One of the next milestones in the completion of the canal expansion will be the awarding of the largest contract associated with the project. Consorcio C.A.N.A.L., Consorcio Atlántico-Pacífico de Panamá, Consortia Bechtel, Taisei, Mitsubishi Corporation, and Consorcio Grupo Unidos por el Canal are all vying for the contract to build the lock system that will make the canal a working reality. If this process moves forward as expected, a choice will be made by the end of March, 2009.

Visitors from around the world first fell in love with Panama while standing on the deck of a ship making its way through our famous canal. These sailors, scientists, tourists, and military personnel from around the world return to Panama to make their home. This constant influx is what makes the real estate market in Panama one of the most vibrant in the region.

Doubling the capacity of the canal system means that twice as many new visitors will have the opportunity to discover the charms of Panama—the Gem of Central America

If you are interested in investing in Panama, gaining residency here, doing your offshore banking in Panama, starting a business, meeting the right people, or finding the ideal retirement location on the beach contact one of our Panama experts today.

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Panama is a diverse nation of more than 3 million persons representing every nationality. This remarkable diversity in its citizenry is matched by the many facets of its economy.

In the 90’s, Panamanian officials began to notice that increasingly large ships exceeding the width able to pass through the canal (PanaMax Class) were beginning to appear in increasing numbers. In response to this challenge, the Panamanian government announced a canal expansion in 2006 to insure that Panama would not be unseated from its role as the best maritime shortcut from the Atlantic to the Pacific.

The expansion announcement boosted Panamanian GDP nearly 2 percentage points in 2006. In the years since, Panama’s rate of economic growth is ranked as the fastest growing in Central America and the Caribbean, and among the fastest growing on the planet.

The canal expansion is also a big boost to subordinate industries like logistics, exports, free zones, and ports. The Colón Free Zone is already recognized as the second largest in the world. If management at Hong Kong’s Hutchison Whampoa has its way, Balboa will soon be the largest port in Latin America. In addition, two new passenger terminals are now serving the rapidly growing cruise and yachting industries.

As Panama’s economy grows, prospects for real estate ownership in country improve as well. Investments in Panamanian real estate continue to outperform any in the region. As a chilly wind blows through real estate markets world wide, Panama’s warmth and red hot economy, continue to keep real estate here warm and cozy.
Real estate is a long term investment. A predictable economic future for your host nation is essential. Panama is a superstar in this capacity. Its super diverse economy stands alone at the top of it region insuring a safe haven for investors for many years to come.

If you are interested in investing in Panama, gaining residency here, doing your offshore banking in Panama, starting a business, meeting the right people, or finding the ideal retirement location on the beach contact one of our Panama experts today.

Email us at The Panama Club for discrete answers to any questions you may have about Panama.

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The Peruvians have had gold as their natural wealth; the Chileans, copper; and the Venezuelans and Mexicans, petroleum. In our case it has been our geographical position and the Panama Canal.

>This article has been written by a well-known member of the Panama maritime community, Mr. Ruben Karamñites. He is General Manager of Crowley Liner Transport and a leading member of the Panama Chamber of Shipping.

From the year 2000, the Canal is being handled and administered by Panamanians, with responsibility and transparency, with very well calculated and studied risks, without economically committing the future of our generations, on the contrary, serving as the basis for our social and economic development.

The Panama Canal has a tremendous commitment and a great social and economic responsibility to the country as much as it has to continue being projected internationally to the vanguard of development in the maritime world and must walk hand in hand with the demands of the sector. For this reason, it has to keep investing in maintenance and making the necessary modernization changes to the Canal, that would allow it to provide a good service and timely get an economical benefit, in view of the imminent world cargo growth.

The growth of cargo worldwide, the globalization, the consolidation of capitals and the worldwide development of the maritime industry, will keep its dynamics of constant changes and Panama must be ready to offer modern services through the Canal, modern port and Free Zone installations, to satisfy the needs and demands of the users, and the growing demand of the Canal service, otherwise another will offer it.

Consequently, to comply with all this, what is demanded and required is a constant modernization of our maritime resources and the Panama Canal; otherwise another will take the lead.

The International Maritime Community, the international commercial trade and the world in general are watching us, they are waiting to see what will be the position of the Panamanians and they recognize that the Canal has importance in world development and the movement of cargo.

>KEY ARGUMENTS THAT ARE CAUSING CRISIS AND SUPPORT THE URGENT NEED OF IMMEDIATE ENLARGEMENT OF THE CANAL.

>• The Canal structures are now more than 90 years old, and throughout their history they have required large investments for their maintenance and operation.
• The Panama Canal has maintained for years an average daily transit of 38 ships, and as a result of its structural limitations, it has not been able to grow more.
• The Panama Canal continues confronting a problem of service to ships that have to expect an average of 10 days delay in order to transit the Canal, especially during the period of locks maintenance. At some periods the Canal has had up to 119 ships waiting to transit and for this year, the maximum has been 110 ships.
• There are limitations and lack of expansion in certain critical areas for transit that permit a safe flowed of adequate traffic.
• There is a need to improve the lighting in certain areas that help in an effective way to improve the visibility on the Canal route.
• Tie-up stations are urgently needed.
• The Panama Canal at present does not have a real answer in the face of the growing demand of services to satisfy the new business opportunities that present themselves, through the development of the Post-panamax ships.
• There are various countries of the region that are studying alternatives to the Panama Canal and they are directing themselves to the International Community, tending toward improving the offer of the Canal and they are determined to participate in the movement of international cargo from the Atlantic to Pacific and vice versa. Among those that can be mentioned are the United States of America, Mexico and Canada, that are revising their systems of land transport (highways and railroads). It is worth adding that Nicaragua has been promoting the Asian interests that they explore/revise the idea of a canal through Nicaraguan territory, an idea that was born during the colonial era and that has remained in the Nicaraguan mind. On the other hand, Guatemala plans to modernize its system of land transportation (highways and railroad). All these initiatives and innovative projects compete directly with the Panama Canal. If we do not act swiftly and intelligently to protect our resource and the Canal business by improving its service, modernizing it and its installations and developing the project of enlargement of the Canal and to capture the growth of cargo moved on pos-panamax vessels, to offer a better service to its users, otherwise we will end up with the ” star product “ gradually becoming known as a ” product in decline ” .

Concerning the Plan of Disclosure of the Panama Canal Enlargement Project, it is important to take up the subject again in the country, to answer the great number of doubts that exists on this project in many sectors of the Panamanian population!!!. This requires immediate work by an able official:

>• He must adjust the form of the speech to give the Panamanian an adequate and simple explanation, by knowing and identifying the doubts in the different areas of the project.
• Invest in a more massive publicity to give to give more disclosure to the project.
• The project needs to be presented in all the forums and discussions to cover all the objections, even if they are unfavorable to the project or if they seem insignificant, this must be a 24 hours job. Here are some of the objections, which from my point of view, does not represent firm arguments and are easy to clarify and explain to the community, but they are points of view and opinions adversed to the project that have been spread out:

>A. ” It is not the moment to carry out the Project of Enlargement ” .
B. ” One must wait (1) a year more ” . more?
C. ” One must wait 10 to 15 years or more ” , and that ” we only need to develop the projects of modification of the critical areas and to give greater expansion to the waterway.
This is sufficient ” .
D. ” The environmental aspect ” .
E. ” The hydrographic basin will be affected, diminishing the supply of water for the country ” .
F. ” How it is established that the project of enlargement will generate 40,000 jobs? “ and ” How can they assure that it will give jobs to so many Panamanians? ” ” How many will be employed for the work? “
G. ” We believe that the project will cost much more than the amount presented by the Canal; the financing of the project will cause debt problems to the country for the loans that will be requested to the banks; these economic resources from the Canal that will be used to develop the project could better be used to make more roads, homes, and schools for the Panamanians ” .

This Enlargement Project cannot wait, it includes the third set of locks, the modification of the critical areas and the Canal widening. This is the time to do it, becase it is foreseen that for 2014, present Canal will be reaching its maximum capacity and according to the projections of the studies, we are now just in time to begin the enlargement project. We urgently need to increase our offer capacity to capture the growth of the worldwide cargo and to provide a better service to the Canal users. The more the project is delayed, the more expensive it will be, the competitive threads increases and the business opportunities are reduced.

The existence of over 23 environmental and archaeological researches; the derogation of Law No. 44, in which finally the creation of damming to increase the volume of water in the Canal; the projects of water administration; the deepen of the route through dredging, to guarantee the way of the vessels of greater draft, were discarded. The evaluation of this environmental theme is link to the cost benefit of the project for the Panamanian State.

The doubt that exists in the labor area related to the quantity of jobs for Panamanians, is directly related to the satisfaction of their needs and the domino effect that the project will have in the national economy. The expectations could be exceeded, if we do not trained the Panamanian labor force to the future, when the development projects in the construction (hotels, casinos, roads, condominiums, office buildings, etc.) juxtapose with the project of the Canal Enlargement and beware that we are going to end bringing manual or skilled labor to face the job demand (same as it happened during the construction of the Panama Canal in 1904). We all have to be ready for the great quantity of jobs that will arise in all labor areas, both vocational and professional. The Panama Canal Enlargment Project will resolve the home economical needs of all Panamanians, who will have a job. Panamanians only want to see that they will really have a job and will directly receive the economic benefit of their effort. Any other argument exceeds their humble interest.

The project financing, as well as its real impact in the national economy, must be fully clarified and discussed. It is true that the themes have been explained and that we can be sure that the project is self financeable/sustainable, with a projection of conviction to the Panamanians, directed to the human development and to improve the Panamanians quality of life.

If you do not understand the range of the role the Panama Canal must play in the 21 Century for a globalized world, then it is time to know it. The changes that Panama will face after the Referendum of October 22, 2006, are deep and will be at other level, directed to the complete development. This is the most relevant project developed in the Republic of Panama and in all the region, after the construction of the Panama Canal (1904/1914), which will change our future for the benefit of all Panamanians and the International Trade.

” Panama it is your Canal, modernize it ” ” The Enlargement of the Canal will be for your future development ” ” Be prepared for this development “

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Source: VIP Panama

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The ports of the Republic of Panama, the merchant marine, the agencies and shipping lines, the Colon Free Zone, the railroad and many other service suppliers connected with the economic activities of the Panama Canal, are complemented mutually and form the Conglomerate of the Canal.

>This Conglomerate and the Economic System by-product of the operations of the interoceanic waterway contribute more than 20% of the Gross Domestic Product of the country and generate approximately 293,000 direct and indirect jobs.

The Chamber of Shipping of Panama, as an organization that groups together the great majority of the members of the Maritime Sector, sector, which shows the highest indexes of growth in the domestic economy over the past five-year period, after having studied the proposal of enlargement of the Panama Canal and consulting with all its members and national and international clients, considers that the enlargement of the Canal is necessary for the following reasons:

1. The Panama Canal is operating to almost 85% of its maximum capacity, which signifies that in a relatively short time, it will not be able to continue attending efficiently to the growing demand of traffic, a product of the tendencies of growth of international markets,

2. The Panama Canal requires increasingly more frequent cycles of maintenance due to its 96 years of uninterrupted use in the service of world commerce, which at the same time delays in great measure the traffic of ships that use the waterway,

3. The shipping companies, clients of the Panama Canal, are tending to build larger ships (Post-Panamax) for the scale of economic benefits that the same represent, and which currently cannot use the canal,

4. The shipping companies consider that the Panama Canal represents the most dependable and viable route to operate their ships on the Pacific and Atlantic oceans and they understand and accept that the enlargement will involve gradual increases in the anticipated traffic and that the principles of productivity, efficiency, security and cost-benefits that currently exist, will be maintained,

5. We Panamanians have shown great talent and professionalism in administering the canal efficiently since it was transferred back to Panamanian hands. As previously stated, we are convinced that this project, properly executed, will benefit Panama and all Panamanians equally, and we support firmly the proposal of enlargement of the Panama Canal.

>Julio De La Lastra, President, Panama Chamber of Shipping, signed in Panama on the 20th of August 2006

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Source: VIP Panama

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Canal Expansion (Source) Oct 19 – Panamanians vote in a referendum on Sunday on whether to approve an ambitious $5.25-billion plan to expand the famous Panama Canal waterway to allow it to handle larger cargo ships. Here are some facts about the canal.

* When opened in 1914, the canal was the single most expensive project ever undertaken by the United States at a cost of $375 million, four times the price of the Suez Canal. France had started building the waterway in the 19th century but gave up after its project went bankrupt.

* France’s Paul Gauguin, one of the leading painters of the post-impressionist period, helped to dig the Panama Canal as a laborer briefly. But he found the work tough and he left the country after he was arrested for urinating in public. From 1891 he lived in Tahiti and elsewhere in the South Pacific.

Rosetta Stone

* The planned expansion entails building new locks that will measure 1,400 feet (427 meters) long and 180 feet (55 meters) wide — 40 percent longer and 64 percent wider than existing ones. If laid on end, these canal chambers would stand taller than the 102-floor Empire State Building in New York.

* Tropical diseases such as typhoid, malaria and yellow fever killed more than 25,000 canal workers during the original construction. However, this prompted leaps in modern medicine as doctors discovered that malaria was transmitted by mosquitoes, and not as earlier thought by “miasma” — polluted air dense with decaying matter.

* The amount of rock and soil removed from the ground to create the canal was enormous. Material from one nine-mile (15 km) section, known as the Gaillard Cut, would have been sufficient to form a wall, of a similar size to the Great Wall of China, to span from San Francisco to New York. ADVERTISEMENT

* Ships passing through the canal pay tolls. Canal authorities even charged U.S. adventurer Richard Halliburton to swim the 50-mile-long (80-km) canal in 1928. It was the lowest ever toll charged at $0.36.

* If the expansion is approved, the Panama Canal Authority that runs the waterway says contributions to federal government coffers will skyrocket. By 2025, the canal will provide $4.25 billion per year to the government, an almost tenfold increase from current levels.

SOURCE: Don Winner @ Panama-guide.com

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Source: VIP Panama

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The expansion of Panama Canal By: Marcus Laval

Nearly thirty years ago, General Omar Torrijos signed with the United States a treaty leading on January 1, 2000 to the return to Panama of the sovereignty on Panama Canal. At the time of a national referendum, another page of this saga came to be turned: by 78 % of the voices, but with a participation lower than 44 %, the Panamanians indeed gave their agreement to a project of expansion without precedent since the Canal was opened, in 1914.

For president Martin Torrijos, the son of Omar, it is indeed a “historical” project, whose centre piece will be the construction of a third set of locks. 427 meters long and 55 meters broad, it will allow the transit of the famous “post-Panamax”, cargo liners too big to use the current infrastructures. However, this 5,25 billion dollars titanic work did not achieve unanimity. For the detractors of the project, the expansion of the Canal is at the same time likely to push the country to high debt, to degrade the environment, while being of no help to the 40 % of the Panamanians living in poverty. This decision is a hard blow for Nicaragua which had announced a few weeks before an interoceanic plan of a Canal through its territory, estimated at 18 billion dollars.

The large ships owners, on the other hand, are happy with ‘yes’ at referendum. The saturation of the Panama Canal, driving 5 % of the world maritime trade, was announced to take place between 2009 and 2012. As for the increase in tolls (+ 3,5 % per annum over 20 years) intended to finance this expansion, it is regarded as a less evil. Some experts say that a congested Canal would cost Panama more because it would have to lower transit tolls.

The building site, which will be spread out over eight years, has finally aroused the interest of the leaders in engineering. The Panamanian authorities retained the concept of locks suggested by Tractebel Development Engineering (Suez group) and the national Company of the Rhone. But Bouygues, Alstom ,Vinci and Eiffage, in fact the great French groups – and of course international – are also interested by the Panamanian market, the largest building site which will be subjected to an international tender, probably in spring 2007.

The benefits generated by the Canal, which brought to the State 500 million dollars in 2005, explains in great part the interest which is not limited to the maritime sector only. Panama, the second Latin-American country in term of foreign investments per capita, profited from capital contributions of 8 billion dollars since 1995. And the forecasts for the ten next years are even more optimistic: in addition to the Canal, a 300 million dollars port is in project, close to entry of the channel, without forgetting the cleansing of Panama City bay and the construction of a motorway connecting the Pacific to the Atlantic. One of the most visible signs of this economic boom has already marked Panama City, a Latin-American Hong-Kong where real-estate projects are growing. Five skyscrapers exceeding 300 meters in height, with hotels, shopping centres, offices, apartments and casino are in construction in the capital. One of them, financed by Donald Trump, illustrates well the new profile that the country intends to adopt. The American billionaire wants to build in Panama City one of his luxurious towers which made his success. With an estimated cost of 220 million dollars, Trump Ocean Club, whose silhouette will rise in the North-West of the bay, is right now the most expensive real-estate project of Latin America.

Article Source: http://www.articlerich.com

Marcus Laval is a senior analyst with an experience of more than 20 years, who has written more articles on development projects and published them at Press Centre

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Source: VIP Panama

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PANAMA CITY, Panama, September 11, 2006 – At a recent forum in Panama, sponsored by newspaper Capital Financiero, Fitch Ratings analyst Erick Campos said: “If handled appropriately, the Panama Canal expansion project should have a long-term, positive economic impact.” Fitch said that the money needed for the Canal expansion would not affect Panama’s risk rating as long as fiscal consolidation and strong economic growth continues. Moreover, Campos declared that if it were to assign the Panama Canal Authority (ACP) a credit rating, it could be higher than BB+, which is Panama’s present credit rating. At this juncture, the ACP is not obtaining a credit rating and has not hired a credit rating agency. Investment ratings provide investors with a financial picture of a company’s or a sovereign government’s financial health, taking into consideration its management, debt levels, finances, and other similar criteria. It is a metric that measures investment risk. The Panama Canal expansion proposal would build a new lane of traffic along the Panama Canal that would double capacity and allow more traffic. The project is estimated to cost $5.25 billion and would be paid entirely by users of the Canal through a graduated system of toll increases. According to the Panamanian Constitution (Title XVI, Article 320) and Law No. 28 (July 17, 2006) of the National Assembly, the Panamanian government will not guarantee the ACP’s debt for the Panama Canal expansion.

Editor’s Comment: I’ve already published this information once, and this is just and ACP news release. But, far be it from me to miss the chance to use the “thumbs up” graphic. I think I’m going to start the “Big Hooters for a “Si”” political party…

Fitch Ratings is a leading global rating agency dual-headquartered in New York and London committed to providing the world’s credit markets with independent, timely and prospective credit opinions. Fitch Ratings currently maintains coverage of 3,100 financial institutions, including 1,600 banks and 1,400 insurance companies.

About the Panama Canal Authority: The Panama Canal Authority (ACP) is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the Panama Canal Authority is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP’s Web site: www.pancanal.com.

The Authority’s responsibility to the Panamanian people is paramount. The Canal belongs to the people and benefits from the Canal should accrue to as many Panamanians as possible. The Authority will plan its future so that it will continually contribute to the economic development and welfare of the citizens of Panama.

SOURCE: Don Winner @ Panama-guide.com

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Source: VIP Panama

If you are interested in investing in Panama, gaining residency here, doing your offshore banking in Panama, starting a business, meeting the right people, or finding the ideal retirement location on the beach contact one of our Panama experts today.

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Forty domestic and international banks have offered to finance the expansion of the Panama Canal including the building of three new locks, an overall investment estimated in 5.2 billion US dollars reports this week the Panamanian press. Among the financial institutions figure HSBC, Citibank, JP Morgan, BNP Paribas, Scotiabank and Bank of Tokyo which are willing to come up with 2.3 billion US dollars for the “peak points” of the inter-oceanic channel expansion timetable. According to the press the institutions are not only looking at the business side of the investment but “to figure in the list of co-financers of the largest infrastructure capital expenditure in recent history” opening the canal for Panamax and Post Panamax vessels, thus helping to better conditions for world trade. Jose Barrios Financial Director of the Panama Canal Authority said that the financing plan is conditioned to the tolls policy which will be worked out and defined in the coming months, following the referendum approval last October 22 of the expansion project.

Barrios pointed out that if the Canal authorities decide to submit their finances to the scrutiny of risk assessment agencies, the Canal Authority will achieve a better qualification than that of the Republic of Panama’s sovereign debt currently “investment grade”.

However Ricaurte Vasquez president of the Panama Canal Board of Directors said last week that for the moment there’s no interest in an investment grading from international risk assessment agencies.

He pointed out that Panamanian experts are working out a new set of tolls on which much of the financing of the works will depend. Apparently the issue has been discussed with users of the Canal and maritime companies’ representatives.

Vasquez highlighted that in spite of the cost of the enlargement, the Canal could receive additional income to the tune of 300 million US dollars per year because a new waterway “reliable and clean” in line with the Kyoto Protocol, would significantly reduce pollution and crossing time for vessels.

World Bank analysts admit that the construction of the three new locks would reduce emissions of carbon dioxide by and estimated 30 million tons annually. In the international “green exchange market” a ton of carbon dioxide ranges between 10 and 12 US dollars per ton.

SOURCE: Don Winner @ Panama-guide.com

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Source: VIP Panama

If you are interested in investing in Panama, gaining residency here, doing your offshore banking in Panama, starting a business, meeting the right people, or finding the ideal retirement location on the beach contact one of our Panama experts today.

Email us at The Panama Club for discrete answers to any questions you may have about Panama.

+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)

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Source: VIP Panama

If you are interested in investing in Panama, gaining residency here, doing your offshore banking in Panama, starting a business, meeting the right people, or finding the ideal retirement location on the beach contact one of our Panama experts today.

Email us at The Panama Club for discrete answers to any questions you may have about Panama.

+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)