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Archive for the ‘panama canal’ Category

The International Finance Corporation (IFC) is considering offering a $500 million loan to help Panama finance the current canal expansion. The project, which includes adding a third set of locks to the canal, has a current estimated price tag of over $5 billion. The expansion will allow larger ships to pass through the aging American [...]

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Despite an economic downturn in the United States, maritime authorities in Panama are projecting a ten percent increase in the number of shipping containers transported through Panama ports in the next year, as reported last week by Reuters. It is predicted that 5.6 million 20-foot shipping containers will be handled at Panama ports in 2009, [...]

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Disney Cruise Lines paid the extremely high fee of $283,400 for one of its cruise ships to cross the Panama Canal in May.  Cruise lines and tankers are willing to pay increasingly higher fees to avoid the transportation time and costs associated with transporting goods over land or around South America.  Slots for non-reserved ships [...]

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Chevron is planning on doubling the capacity of its Las Minas facility in Panama to nearly 4 million barrels.  This increase in capacity is to meet the rising demand for fuel in Central America, and for ships passing through the Panama Canal.  The Las Minas facility is located near Colon, Panama, and provides fuel, derivatives, [...]

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Panamanian President Martin Torrijos has stated that the major expansion to the Panama Canal is currently on schedule. The President said yesterday that the Canal Authority is still looking at options for financing nearly $2.5 billion of the project, but that the contract to build the new lock system will be announced by the end [...]

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Current US Senator and presidential hopeful John McCain has deep ties to Panama, in fact, he was born there. The presidential candidate was born in the port city of Colon, in a neighborhood that housed US military families in the Panama Canal Zone. The Senator’s Panamanian roots have even raised some questions as to his [...]

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The Panama Canal Authority has requested over $2 billion this year to finance a major expansion of the panama canal, a project that once complete will help to further boost Panama’s already growing economy and real estate market. The project, which is slated to be completed in 2014 for the centennial celebration of the opening [...]

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