Panama Canal Expansion Update
The Panama Canal Authority (ACP) and the GUPC consortium have made several announcements throughout the months of January and February concerning the Panama Canal’s expansion and maintenance.
On March 4, the ACP announced a generated savings of $387.9 million from its seven main contractors. Thus, even though the canal’s completion date is set for 2014, the ACP has already been able to save costs with its first excavation projects.
In regards to the construction, the GUPC recently announced the third set of locks for the Canal will be completed by October 21, 2014. At a cost of $3.118 million, this new set of locks will be built on the Panama’s Pacific Coast and allow for increased vessel traffic. The planned work schedule calls for 24-hour construction beginning March 2010.
To connect these locks to the Canal’s Culebra Cut, the ACP announced they will be proceeding with the fourth and final dry excavation project. This project is projected to conclude on or before August 2, 2013, and was awarded to the ICA-FCC-MECO consortium January 7.
These newly planned projects for the expansion of the Panama Canal come at the heels of the ACP’s publication of its first quarter operational metrics for the 2010 fiscal year. The findings proved to be good news for the ACP, as the figures showed improved management and regulation at the Canal.
The number of ships to pass through the Canal increased two percent in the first quarter, from 3,520 ships to 3,590 ships. Figures were also encouraging in other key areas: official accidents decreased, while tonnage and transits moving through the Canal increased.
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