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Panama Canal Reiterates to the International Maritime Community its Commitment to the Expansion Panama City, Panama, January

6, 2014 - The Panama Canal Authority (ACP) reaffirmed its commitment to the international maritime community and its customers to successfully complete the Expansion Program, thereby fulfilling its objecti e of offering a ne! era of opportunities to !orld maritime commerce" #n the Ad isory to $hipping (%o" A-&'-'&()), the Panama Canal Administrator *orge +" ,uijano stated that, -!e !ould li.e to reassure our customers that the contract !as !ell drafted and includes guarantees that !ill allo! the completion of the ne! loc.s, e en if the ACP needs to step in to assume control of the project and deli er it in the shortest possible time"-/ur customers are our number one priority and !e !ill see. to resol e this conflict in the best possible manner !ithin the legal frame!or. of the contract to ensure that the construction continues and that the Expansion Program is completed,- added ACP Administrator in the Ad isory to $hipping" ACP reiterated that the Panama Canal continues to function normally and the situation !ith a contractor relates to one of the projects in the Expansion Program and has no impact on current Canal operations" / erall, the Expansion Program is 0'1 complete and at this time, is expected to be open to commercial transits in the second half of '&(2" #n response to 34PC recent letter, the ACP stated that the arguments raised by the contractor in the note lac. legal basis, are not clear and do not gi e any reasons for the contractor to suspend the !or." The ACP reiterated that the only channels to process claims are clearly established in the contract" A third party decides t!o of the three methods established in the contract for the resolution of claims" These contractual clauses !ere accepted by 34PC$A upon signature of the contract" The ACP trusts that the contractor is able to comply !ith the terms agreed upon under contract" #f needed, the ne! loc.s project is at an ad anced enough stage that the construction may be completed !ith the mechanisms and guarantees included in the contract" The Ad isory to $hipping (%o" A-&'-'&()) is a ailable in the at5 https566!!!"pancanal"com6common6maritime6ad isories6'&()6a-&'-'&()"pdf About the Panama Canal Authority ACP! The ACP is the autonomous agency of the 3o ernment of Panama in charge of managing, operating and maintaining the Panama Canal" The operation of the ACP is based on its organic la! and the regulations appro ed by its 7oard of 8irectors" Please refer to the ACP !ebsite5 http566!!!"pancanal"com6 or follo! us on T!itter 9thepanamacanal" ACP !ebsite