Hot Port News from GAC

Canals, Holidays, Ports & Terminals — By on March 1, 2014 at 7:35 PM

GAC-newYour daily news service from ports around the world.

In this HOT PORT NEWS, read about:
* Worldwide – World Holidays: 2-15 March 2014
* Panama, Panama Canal – Conceptual agreement reached in new locks project

DATE: March 01, 2014
COUNTRY: Worldwide
World Holidays: 2-15 March 2014

Public holidays around the world in the coming two weeks include the
Sun 3, Mon 4 & Tue 5 (until 1400 hours) Mar – Carnival (Brazil)
Mon 3 Mar – Clean Monday (Greece)
Mon 3 Mar – Carnival Monday (Trinidad & Tobago)
Tue 4 Mar – Carnival Tuesday (Trinidad & Tobago)
Thu 6 Mar – Ghana Independence Day
Sat 8 Mar – Women’s Day (Angola)

For information about operations around the world contact the respective
GAC office. Details may be found under ‘GAC Worldwide’ at

DATE: March 01, 2014
PORT: Panama Canal
Conceptual agreement reached in new locks project

The Panama Canal Authority (ACP) announces the end of talks with the new
locks project contractor Grupo Unidos por el Canal, S.A. (GUPC), through
which a conceptual agreement has been reached subject to documentation,
review and final signature by the parties.

The conceptual agreement falls within the terms of the Contract for the
Design and Construction of the Third Set of Locks and does not include any
payment for claims. GUPC’s claims must be process through the mechanisms
within the contract. The price of the contract remains the same and is not
modified by this agreement.

“We have reached a conceptual agreement that protects the interests of the
Panama Canal, within the terms of the contract and respecting our
position, ” said Panama Canal Administrator Jorge L. Quijano. “The agreement
is under review and pending signature; however, our commitment to Panama
and our customers has been to inform these recent developments.”

“The Third Set of Locks will be completed within the terms of the contract,
as requested from the very first day, ” reiterated the Canal Administrator.

The conceptual agreement provides that:
* The construction of the Third Set of Locks is completed by December 2015.
* The 12 lock gates in Italy must be in Panama by December 2014, to be
transported in staggered shipments.
* The Performance Bond for US$400 million may only be released to Zurich
North America, to obtain financing to complete the work.
* GUPC will pay US$100 million and ACP will advance US$100 million, which
will enable works to regain a normal pace in March.
* The moratorium for the repayment of advances may be extended until 2018,
subject to fulfillment of certain milestones and other conditions.

The consortium GUPC is formed by Sacyr Vallehermoso, S.A (Spain),
Impregilo, S.p.A. (Italy), Jan de Nul Group (Belgium) and Constructora
Urbana, S.A. (CUSA) (Panama).

(For information about operations in Panama contact GAC-Wilford & McKay at

Source: Panama Canal Authority press release dated 27 February 2014

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