The Triton

News

Canal expansion could halt

ADVERTISEMENT

A consortium of construction companies has threatened to halt work expanding the Panama Canal in a dispute over $1.6 billion in cost overruns, according to a story by Reuters news service.



The consortium, known as Grupo Unidos por el Canal (GUPC), had threatened to suspend work unless the Panama Canal Authority (PCA) paid the overruns. The PCA has resisted.



The consortium was set to meet with the PCA and insurers Zurich North America at presstime to discuss the status of the work, including its $600 million bond on the $3.12 billion locks project, the most difficult part of the expansion.



Canal Administrator Jorge Quijano has said the PCA is already in discussions with other third-party contractors in case it cannot resolve its dispute with the GUPC. He estimated the remaining work would cost about $1.5 billion.



GUPC – which also includes Italy’s Salini Impregilo SpA , Belgium’s Jan De Nul and Constructora Urbana from Panama – won the contract to build a third set of locks for the century-old canal in 2009.

The expansion is one of the world’s largest construction projects. It was due to cost about $5.25 billion, but the overruns could bump that up to nearly $7 billion, Reuters reported.

Related Posts...
The U.S. Army Corps of Engineers has awarded an $8.55 Read more...
The Florida Department of Transportation issued a feasibility study for Read more...
A charter cruise aboard a Miami yacht was abruptly ended Read more...
A 20m yacht burned today, June 17, near Porto Venere, Read more...

Share This Post

Leave a comment

Your email address will not be published. Required fields are marked *

Please answer the question below to leave a comment. * Time limit is exhausted. Please reload CAPTCHA.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Editor’s Picks

From dancing to darkness: Training pays off after lightning strike

From dancing to darkness: Training pays off after lightning strike

By Dorie Cox It was 10:30 p.m. on a Tuesday. A yacht cruised into Fort Lauderdale from the Atlantic Ocean. The lights were bright inside …

Secure at Sea: The growing pains of cyber-security

Secure at Sea: The growing pains of cyber-security

Secure @ Sea: by Corey Ranslem When I heard about it, I was amazed but not surprised. The high-roller database at a major casino …

Crew Compass: Make time for yourself

Crew Compass: Make time for yourself

Crew Compass: by Lauren Loudon One thing that I’ve found difficult on boats over the years is making time for myself and doing things …

Latest news in the brokerage fleet: Bandido sells; Saint Nicholas, Rock.It listed

Latest news in the brokerage fleet: Bandido sells; Saint Nicholas, Rock.It listed

Yachts sold M/Y Bandido, a 137-foot (41.8m) Westport launched in 1989, sold in an in-house deal by Ocean Independence broker Chris …