A friend of mine emailed me a picture he took of the new lock gates that will be used for the expansion of the Panama Canal.  Let us hope that the ACP and the Group in charge of the construction reach a resolution soon as it will cost everyone a huge amount of money for any further delay.

If the canal is not ready by 2015, the additional revenue that the Panamanian government expected to receive will be pushed forward for at least a year.

The first $1.5 billion estimated as additional income from the Canal expansion could be delayed by one year if the project does not meet the original deadlines.

“The expanded Canal was supposed to come into operation this year, meaning that in 2015 the direct results of the work would be seen. But with the eight month setback over pouring the concrete by Grupo Unidos por el Canal (GUPC), the country could end up seeing the first $1.5 billion in estimated revenue in 2016.

This would be an optimistic projection, according to those linked to the maritime industry sources, as the calculations do not include any delays that could occur after the statement of illiquidity made by GUPC earlier this year.”

Source: Prensa.com