The head of the Panama Canal Authority (ACP) on Monday said an international arbiter has ruled in favour of the ACP and against a consortium that claimed nearly $193m for cost overruns in the Canal expansion project, according to Reuters.
Jorge Quijano, chief executive of the ACP, said in a Facebook posting that the Miami, Florida-based International Chamber of Commerce (ICC) knocked back the claim for $192.8m made by Spanish led grouping GUPC (Grupo Unidos por el Canal).
GUPC claimed the amount from ACP for excess costs incurred in the construction of the pivotal third locks which opened in June 2016 and which allow much larger container ships to transit the waterway. All told, the cost of the expansion project ran to $5.4bn.
A copy of the ICC arbitration panel’s ruling was not available on Monday.