Monday, April 16, 2012

Top Story

Panama may face delays, reviews 2014 deadline

The Panama Canal Authority will determine over the next few months whether the canal expansion will meet its current deadline of October 2014. The $5.3 billion overhaul will allow the larger, bulkier post-Panamax ships to pass through the Panama Canal’s locks and gates.

Alberto Aleman, who heads the Panama Canal Authority, told Reuters Friday that in the next few months, “we will know whether we will complete at the stipulated time or not." Aleman went on to say any hold-up in the schedule would be due to delays in laying concrete.

Aleman told Reuters that if there is a delay, it would only be a few months. If the deadline is not met, there would be penalties added of up to $54 million, reported Aleman, while finishing the job early would result in a bonus of $50 million.

Construction is being handled by a consortium that includes Spain’s Sacyr, Italy's Impregilo, the Belgian company Jan de Nul and Panama's Constructora Urbana.

- Reuters

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