Panama Canal Wins Arbitration Over $193 Million in Expansion Project Overruns

PANAMA CITY, July 31 (Reuters) - The head of the Panama Canal Authority said on Monday a Miami-based arbitration board rejected a demand by Spanish-led GUPC consortium for $192.8 million to cover cost overruns during the building of a third set of locks for the century-old waterway. GUPC or Grupo Unidos por el Canal includes Sacyr SA of Spain, Impregilo of Italy, Jan De Nul … [Read more...]

Looming Labor Strike Could Delay Panama Canal Expansion

  Update: Panama Canal Expansion Strike Averted Original: A looming labor strike could delay the opening of the expanded Panama Canal's Third Set of Locks unless the main contractor behind the project can reach an agreement with subcontractors over wage increases. Panama's labor union SUNTRACS is threatening halting work as soon as Wednesday unless it receives … [Read more...]

Sacyr-led Group Wins $233 Million Claim in Panama Canal Dispute

PANAMA CITY, Jan 1 (Reuters) - A consortium led by Spanish-builder Sacyr said on Thursday it has won a $233 million settlement in a dispute over cost overruns in an expansion of the Panama Canal, half what the group had been seeking in the lawsuit. The GUPC consortium, which also includes Italian builder Salini Impregilo, Belgium's Jan de Nul and Panama's CUSA, said in a … [Read more...]

Panama and Building Consortium Reach Deal to Complete Expanded Panama Canal

The Panama Canal Authority and the consortium hired to build the third set of locks for the Panama Canal have finalized a deal for the completion of the expansion project. The PCA and the consortium Groups Unidos por el Canal (GUPC) on Monday said they have reached an agreement to sign a variation to the original contract that incorporates objectives laid out in a Memorandum … [Read more...]