AmericasOperations

Panama wins $265m arbitration over canal expansion delays

The Panama Canal Authority revealed on Friday it had won an arbitration ruling in Miami for $265m to be returned to it from the consortium that built a third set of locks in a project that was plagued with difficulties.

The GUPC consortium, which includes Spain’s Sacyr and Italy’s Impregilo International Infrastructures, no longer exists making the arbitration hard to enforce.

The expansion of the Panama Canal was one of the largest engineering feats in Central America of the past decade, but the project was hit by cost overruns, delays, and leaks.

Two further arbitrations relating to the project are still to be decided.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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