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 CANAL AUTHORITY LINES UP EXPANSION FINANCING
Mar 15 2010 8:54AM
The Panama Canal Authority reported Saturday that it has successfully completed a deal that will provide $800 million in financing for the Canal expansion. "With this transaction, which was done at a very favorable interest rate, the Canal Authority has ensured that the cost of financing the project will remain stable and is not subject to the volatility of interest," said Joseph Barrios Ng, deputy administrator of the Panama Canal. The financing was obtained through Morgan Stanley Capital Services Inc. The Authority received the money at a fixed interest rate of 4.67 percent, which is lower than the 6.25 percent projected by the authority. The favorable rate is expected to save the Authority millions of dollars in interest payments.

EVERGREEN WORKERS BEGIN STRIKE ON MARCH 15.
Mar 4 2010 1:02PM
More than 600 workers of Colon Container Terminal (CCT) will begin an indefinite strike as of March 15. Jose Ricardo Brenes, general secretary of CAT Union Workers, explained that this action has been taken due to the constant violations of the company to the collective agreement. "We have repeatedly denounced violations by the company into the collective agreement, internal rules and the Labor Code" he said. He added that during 12 years they have been violating the rights of the port workers, "excluding us until this new board decided to face them." The union said a list of petitions were delivered to the Ministry of Labor and Workforce Development (MITRADEL) where they demand compliance of the 31 points of the collective agreement, 18 points on the internal rules procedure and over 12 points to comply on the Labor Code. MITRADEL intervened this dispute to try to reach a reconciliation between labors and management which lasted 12 days however without any positive results for both sides.
CONTAINER TRAFFIC DROPS
Mar 2 2010 9:30AM
The Panamanian port system mobilized 4.2 million containers in 2009, a drop of 8.8 percent compared to the year before. Colón Container Terminal recorded a fall of 27.4 percent, the largest decrease. Manzanillo International Terminal handled 12.2 percent fewer containers during the year, although there was an upturn in the transport of machines and vehicles. According to a report of the Maritime Authority of Panama, the only ports that recorded an increase in comparison with the previous year were Bocas Fruit Company, located in Almirante, and Cristóbal in Colón. . Ports officials that 2010 will show an increase in traffic as the global economy recovers from a recession.