THE IMPORTANCE OF THE

PANAMA CANAL
TO LOGISTICS AND TRADE
Jorge L. Quijano
Administrator Panama Canal Authority
Paris, France May 27, 2013

BIMCO

AGENDA

1. 2. 3. 4. 5.

Panama Canal Expansion Background Changes in world shipping and trade Implications of the expansion Opportunities Panama Canal Expansion update

PANAMA CANAL EXPANSION BACKGROUND

Regular Capital Investment Program

Accumulated Investment Capex
Bridge over the Canals Atlantic Entrance 2,508 1,870

(USD millions)

102

FY 2000 2001

2002

2003

2004

2005 2006

2007

2008

2009

2010 2011 2012 2013

Drilling and Blasting Barge Cutter Suction Dredger Backhoe Hydraulic Dredger

Tugboats

900.0 800.0

Historical

Revised Forecast (January 2006)

Historical

Forecast

Panama Canal Tons in Millions

700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0

Max. tonnage capacity of expanded Canal: 600

508 Max. tonnage capacity of existing Canal: 355 Canal Tonnage Capacity

Additional tonnage captured after expansion

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Fiscal Year

2025

CHANGES IN WORLD SHIPPING AND TRADE

Comparison of Economic Forecast

(Oct 2010 vs April 2013) for the years 2013-2015

Average Growth Rate for Regional Economies

Annual Growth Rate of World Commerce by Transport Mode

0.25 0.2

(percentage change in tons)

0.15 0.1 0.05 0 2007 -0.05 -0.1 -0.15 -0.2 Airborne Seaborne Land 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: Global Insight, Navigator 2013

Annual Growth by Type of Cargo

Source: Global Insight, Navigator 2013

US: Demand Drivers

Northwest WA, OR, CA, AK +28.0% Pop: 70M

Population Growth 2010-2030

Great Lakes IL, IN, MI, PA, OH +2.5% Pop: 55M

Northeast NH, MA, RI, CT, NY , NJ +4% Pop: 43M

Population +21%, 353M

(Selected States)

GULF LA, TX, OK, KS +26% Pop: 45M

Southeast DE, VA, NC, SC, GA, FL +34% Pop: 68M

US CENSUS: Interim Projections of the Total population for the United States

Europe Population / Projected Growth - 2010-2030

NORTH EUROPE, SPAIN, PORTUGAL, FRANCE, BELGIUM, GERMANY, NETHERLANDS, POLAND, IRELAND, UK, NORWAY, SWEDEN 4.0% Pop: 363M

POPULATION +6%, 550M

SOUTHERN EUROPE, SWITZERLAND, ITALY, AUSTRIA, SLOV, CROACIA, GREECE, TURKEY +10.0% Pop: 188M

US CENSUS: International Database

Latin American Population / Projected Growth - 2010-2030

Mexico +18.9% Pop: 135M Caribe, Cuba, Puerto Rico, Repblica Dominicana, Jamaica, Hait +11.0% Pop: 42M Costa Rica, Panama +23.0% Pop: 19M

Guatemala, El Salvador, Belice, Honduras, Nicaragua. +28.0% Pop: 19M

Colombia, Venezuela +22.0% Pop: 88M

Ecuador, Peru, Bolivia, Chile +20.0% Pop: 85M Uruguay, Paraguay, Brazil, +18.0% Pop: 251M

TOTAL POPULATION +19%, 700M

Source: US CENSUS: International Database

Argentina,+17.0% Pop: 48M

Fleet Growth vs Global Throughput

Demand growth below projected overall supply impacting charter rates New orders delivery projections 2013 1.6Mi TEU 2014 1.4Mi TEU 2015 0.6Mi TEU Temporary solutions: Idle capacity Increase scrapping Slow steaming Cancel sailings Oversupply may last until 2015 Canal widening will be completed Market will recover Charter rates will recuperate
Source: ACP/MEMN/Alphaliner, March 2013
25.0 14.1% 13.3% 12.8% 12.2% 12.8% 20.0% 13.8% 13.2% 14.1%

16.0%

15.0% 8.2%

20.0 12.3% 12.4% 10.9% 5.8% 10.1% 10.1% 9.7% 5.5%

7.3%

7.0%

9.3%

8.9%

9.1%

7.9%

6.0%

6.3% 2.3%

10.0%

5.6%

4.5% 5.1%

5.7%

15.0

5.0%

0.0%

Million TEUs

10.0

-5.0%

5.0

-8.5%

-10.0%

-15.0%

0.0

-20.0%

Fleet Capacity % Global Throughput Growth

Forecast 2013-2015 % annual Capacity Growth

Time Charter Rates

60000 Feeder - 350 TEU Handy - 1700 TEU 50000 Sub-Panamax - 2500 TEU Feedermax - 725 TEU Sub-Panamax - 2000 TEU Panamax - 3500 TEU Handy - 1000 TEU Sub-Panamax - 2750 TEU Panamax - 4400 TEU

40000 $/Day 30000 20000 10000

0 2000-Q1 2000-Q3 2001-Q1 2001-Q3 2002-Q1 2002-Q3 2003-Q1 2003-Q3 2004-Q1 2004-Q3 2005-Q1 2005-Q3 2006-Q1 2006-Q3 2007-Q1 2007-Q3 2008-Q1 2008-Q3 2009-Q1 2009-Q3 2010-Q1 2010-Q3 2011-Q1 2011-Q3 2012-Q1 2012-Q3 2013-Q1

Quarters

Source: Clarkson Research Services Limited , Apr 2013

Full Container Vessel Existing Fleet and Orderbook

Existing fleet as of March 2013 Orderbook 2013-2016 No. of vessels 0 11 54 31 23 265 71 455 21.1% 5.1% 58.2% 15.6% Capacity (thousand s of TEUs) 0.0% 0.0 2.4% 9.2 11.9% 78.6 6.8% 77.1 8.7% 90.3 58.2% 1,980.0 8.9% 1,078.3 3,313.5 5.0% 2.7% 59.8% 32.5% No. of vessels 372 817 1,298 700 956 1,298 120 5,561 57.3% 17.2% 23.3% 2.2% Estimated Fleet in 2016 Capacity (miles TEUs) 114 611 1,831 1,778 3,967 9,667 1,772 19,741.3 22.0% 20.1% 49.0% 9.0%

Vessel size
Feeders 100-499 Feedermax 500-999 Handy 1000-1999 Sub-Panamax 2000-2999 Panamax 3000-5000 Neopanamax* 3500-13,200 Post Panamax* 13,200+ Total % Less than Panamax % Panamax % Neopanamax % Pospanamax

No. of vessels 372 806 1,244 669 933 1,033 49 5,106 60.5% 18.3% 20.2% 1.0%

Capacity (thousand s of TEUs) 7.3% 114.1 15.8% 602.1 24.4% 1,752.6 13.1% 1,701.1 18.3% 3,876.6 20.2% 7,687.2 1.0% 694.0 16,427.7 25.4% 23.6% 46.8% 4.2%

% 0.7% 3.7% 10.7% 10.4% 23.6% 46.8% 4.2%

% 0.0% 0.3% 2.4% 2.3% 2.7% 59.8% 32.5%

% 6.7% 14.7% 23.3% 12.6% 17.2% 23.3% 2.2%

% 0.6% 3.1% 9.3% 9.0% 20.1% 49.0% 9.0%

*Neopanamax estimated at a maximum range of 13200 TEU based on information provided by Samsung H.I. Source: ACP MEMN Analysis of the Fleet.

Fleet Capacity 2013

4% Panamax or Less 49% 47% Neopanamax

Fleet Capacity 2016

9% 42% 49% Post Panamax

Container Vessel Fleet Age Profile (Age Range)

450 400 350 300

Number of Vessel

250 200 150 100 50 0

Age Range 25+ Feeder

20-24
Feedermax Handy

15-19

10-14
Panamax

5-9
Neopanamax

0-4

Orderbook
Post Panamax

Sub-Panamax

Source: ACP/MEMN/Clarkson, April 2013

Bunker Price Variation

50.00% 40.00%

Price Variation (% year vs. year)

30.00% 20.00% 10.00% 0.00% -10.00% -20.00%

2010 -1.8% 21.2%

2011 41.2% 26.7%

2012 3.9% 1.7% -1.4%

2013 -15.9% 8.8% -8.0%

2014 -6.8% 7.6% 6.1%

2015 -11.9% 4.7% 3.3% 1.7% 0.7% 2.6%

2016 7.1% 1.6% 1.3% 1.6% -0.5% 3.4%

2017 5.6% 2.0% 1.4% 1.4% -0.6% 3.0%

IHS/CERA: Bunker HFO 380 EIA: Bunker EIA Diesel Fuel (distillate fuel oil) 6/barrel FAFA Forecast Future Analyst Forecast

Burn fuel oil with lower sulfur content

Limits on the sulfur content of marine fuels:
Within an ECA Today: Sulfur content of fuel oil 1.00% m/m Future: Jan 2015, 0.10% m/m Outside an ECA Today Sulfur content of fuel oil 3.50% m/m Future 2020/2025: 0.50%
Maritime fuel is more than 2,700 times dirtier than the fuel used on the road

Emission Control Areas

Clean Fuel > High Price

2020: SOx-limits for fuel apply globally. MGO demands a premium > 50% of Heavy Fuel Oil

CO2 emission trading from 2013

Price of Heavy Fuel Oil {HFO} will continue to rise in the long run (2.5% pa)

IMPLICATIONS OF THE PANAMA CANAL EXPANSION

IMPLICATIONS OF THE PANAMA CANAL EXPANSION FOR THE CONTAINER SEGMENT

Liner Services Connectivity Panama Route

Source: ACP-MEMN Analysis, Compair Data, February 2013

Liner Services Connectivity Panama Route

Vancouver Seattle

Vancouver Seattle New York Norfolk Charleston Savannah Jacksonville Houston Miami Manzanillo Lzaro Cardenas P. San Juan PR Caucedo Kingston Port of Spain Cartagena P. Cabello Manzanillo Cristobal Balboa Buenaventura Manta Guayaquil

Oakland Qingdao Pyongtaek Tokyo Busan Yokohama Los Angeles Ensenada

Hamburg Rotterdam Antwerp Dunkirk Le Havre La Spezia Bilbao Naples Marin Valencia Gioia Tauro Tilbury Tangier

Shanghai Ningb o Taipe Hong Kong Chiwa i Kaohsiun n g

Dubai

Callao Lautoka Noumea Il o Iquiqu e Mejillones Antofagasta San Antonio

Sidney Melbourne Auckland Tauranga Napier

Commercial Route Commercial Route Feeder Services Atlantic Feeder Services Pacific Total No. Of Services 24 9 33 Annual Capacity 4,038,138 4,574,394 8,612,582 No. of Average Vessel Vessels Size 74 66 140 1,904 6,072 Asia - USEC / Gulf WCSA - Europe Pendulum WCUS - Europe WCSA - ECUS Asia - Caribbean Australia - ECUS WCSA - Caribbean Australia - Europe Total

Source: ACP MEMN analysis with April information and Compair Data, 2013

No. Of Annual Services Capacity 12 5,506,506 7 2,429,676 2 984,666 2 807,538 2 782,144 1 479,402 1 354,572 1 167,484 1 125,386 29 11,637,374

No. of Average Vessel Vessels Size 112 4,426 53 3,549 27 4,721 21 3,821 13 3,797 12 4,597 10 3,400 4 1,606 6 2,405 258 4,073

Impact of Canal expansion

Reduces transport cost per TEU

Improves productivity and flexibility of carrier

Reduces CO2 emissions per TEU

Improves the competitiveness of the Panama route

Improves carriers network performance

Impacts development of US ports and land infrastructure

Service Deployment Scenario Service A + Service B = Service AB

Service Average vessel size (TEU) Transit frequency Number Yearly of transits vessels 8 104 Yearly service capacity (TEU)

Service A

4,500

468,000

Service B

4,500

104

468,000

Service AB

9,000

104

936,000

Result

-8

-104

Under this scenario, the carrier requires less vessels and less transits to deploy the same capacity, therefore providing savings to the carrier.

Service Deployment Scenario Service A + B + C = Service ABC

Service Average vessel Transit size (TEU) frequency Number of vessels Yearly transits Yearly service capacity (TEU)

+ + =

Service A Service B Service C Service ABC Total

4,500 4,500 4,500 13,200 -300

7 7 7 7

8 8 8 8 -16

104 104 104 104 -208

468,000 468,000 468,000 1,372,800 -31,200

Under this scenario, the carrier takes advantage of economies of scale through the deployment of bigger vessels.

United States East Coast Ports Panama Canal Most Important Cargo Destination

NY/NJ: Deepening from 45 to 50 and elevating the Bayonne bridge from 151 to 215 Completion 2015 Baltimore: Deepening to 50 Completion 2012 Norfolk: Currenth depth 50, deepening to 55. No posted date information.

Houston: Current depth 45

Charleston: Deepening from 45 to 50 Completion 2018

Savannah: Deepening from 42 to 48 Completion 2016 Jacksonville: Deepening from 40 to 50 and construction of new terminal Completion 2014 Miami: Deepening from 42 to 50 Completion 2015

Transshipment Hinterlands of the Americas

Los Angeles Freeport

Panama

Recife

San Antonio

Source: ACP/MEMN, April 2013.

IMPLICATIONS OF THE PANAMA CANAL EXPANSION FOR THE DRY BULK SEGMENT

The Impact of Canal Expansion on Dry Bulks

1. The U.S. Gulf-Asia grain trade will become more competitive through the use of larger vessels.

2. Potential for increased trade of coal to Asia /China.

Potential PostPanamax Trade - Grains

95K DWT Mini Capesize

Potential PostPanamax Trade - Soybeans

55K DWT Handymax

Potential PostPanamax Trade - Coal

180K DWT Capesize

Potential PostPanamax Trade - Coal

180K DWT Capesize

Potential PostPanamax Trade - Iron Ore

55K DWT Handymax

IMPLICATIONS OF THE PANAMA CANAL EXPANSION FOR THE LIQUID BULK SEGMENT

The Impact of Canal Expansion on Liquid Bulks

1. Canal expansion will make Ecuador USG crude shipments more competitive vs. alternative sources.

2. The expanded Canal will be the first route of choice for LNG trades between Trinidad-Chile and Peru-Spain and for Shale Gas exports coming out of the U.S. destined to Asia.

Potential PostPanamax Trade Crude Oil

117,055 DWT Aframax

Potential PostPanamax Trade LNG

PostPanamax

Cargo capacity: 145,000 m3

Potential PostPanamax Trade - LNG

PostPanamax

Cargo capacity: 137,100 m3

Potential PostPanamax Trade - LNG

PostPanamax

Cargo capacity: 137,100 m3

OPPORTUNITIES

Diversification and Growth of the Scope of ACPs Commercial Opportunities

There is a close relationship between the Canal and other maritime and logistic activities that have proven to add value to the users of Panama as a Trade Route Many of these activites, in addition to being profitable, can add value to the Canal core business, can best be operated as part of, or in conjunction with Canal operations

Panama Canal Diversification Strategy

Focused on related activities that are profitable and bring value to Canal core business and the Panama route. A new office has been established to perform a study program covering.

Container Terminal

Ro- Ro Terminal

Vessel Repairs

Logistics Parks Services

Bunkering

Container Barge Services

Top-Off Operations

LNG Terminal

A CONTAINER TERMINAL IN THE PACIFIC ENTRANCE OF THE CANAL

Port Development in Panama

1996: 235 K TEU 2010: 5.6 M TEU 2012: 6.8 M TEU 2015: 8.4 M TEU 2020: 12.4 M TEU

Panama Ports Company Cristobal

PSA

Colon Container Terminal

Manzanillo International Terminal (MIT)

Panama Ports Company - Balboa

Greenfield Leveled Sites Available for Development Total: 980 Ha

La Ensenada

Third set of locks

88.9 has

Logistics Park

34 has

115 has

Industrial plant Fourth set of locks (estimated)

Future Fourth set of locks

Ro/Ro Terminal Ro/Ro Potential area

Potential opportunities
Growing use of Short Sea shipping in Central, South America, and the Caribbean using Panama as the hub. Locating Value Added Services and light manufacturing in Panama with a Ro-Ro transshipment terminal will bring:
strategic versatility to ensure an agile supply chain for global markets Allows for targeted pooling of different makes and models more specific to the destination market increasing responsiveness

Roll On Roll Off Feasibility Study

Market Demand Potential Business Opportunities Existing and future Ro Ro terminal and capacity. Determine Gap between potential demand for a Ro - Ro Interviews with potential customers Capacity & Bottleneck Analysis Site selection Analysis ( based on market demand results) Terminal Conceptual Design Financial Analysis Business Plan Terminal Investment Plan (Capex/Opex) Preparation of Financial Statements Risk Map Assessment Sensitivity Analysis Legal due Diligence Final Report

Panamas Competitive Advantage

Land availability Sea: All major carriers have weekly services through Panama Sea-air connectivity (for parts)

PANAMA:

Your gateway to Latin America and beyond

Located in the narrowest point of the Americas, the Republic of Panama is the ideal location to consolidate and distribute cargo to consumers around the world. Its integrated transportation and logistics Platform provides easy access to over 470 million consumers in the Americas. Shipments can be easily delivered by air or sea to destinations in Latin America within a few hours or days.

Panamas Competitive Advantage

Land availability Sea: All major carriers have weekly services through Panama Sea-air connectivity (for parts) Air: DHL, UPS, FEDEX, COPA, Avianca Skilled labor to provide value added services (final detailing, refurbishing, reverse logistics, etc.) Panama offers Legal and Financial tax incentives to Multinational Companies that establish their regional headquarters in Panama. Panama offers a place to keep stock near final regional markets.

PANAMA CANAL EXPANSION UPDATE

Locks and Vessels size

Existing locks maximum vessel size: 4,400 TEUs
33.5 m

12.04 m 32.3 m

49 m

15.2 m 18.3 m min. 28.3 m max.

New locks maximum vessel size: 13,000+ TEUs

Program Components
17.66 M m3 Atlantic Site Post-Panamax Locks Increase of Gatun Lakes maximum operating level Atlantic entrance deepening and widening Existing Locks

26.7 m

27.1 m

Gatun Lake widening and deepening and widening of Gaillard Cut s navigation channels

Access channel
Pacific Site PostPanamax Locks Existing Locks

8.7 M m3

Pacific Access Channel

49 M m3

New Pacific entrance and Locksdeepening widening

Program Components
17.66 M m3 Atlantic Site PostPanamax Locks Increase of Gatun Lakes maximum operating level Atlantic entrance deepening and widening

26.7 m

27.1 m

Gatun Lake widening and deepening and widening of Gaillard Cut s navigation channels

Pacific Site PostPanamax Locks

8.7 M m3

Pacific entrance
Pacific Access Channel 49 M m3

deepening and widening

Deepening and widening of the Pacific entrance (8.7 M m3)

Scope of Contract: 8.7 M m3 Award: April 1, 2008 Amount: B/. 177,500,676.78 Company: Dredging International Amendment No. 12 : February 10, 2012 - Expansion Program deliveryable: Dec 31, 2012 - Termination of Contract: June 30, 2013

8.6 M m3 dredged

Actual
0% 50%

100%
100%

Locks Design and Construction

Locks Design and Construction

Scope of Contract: Design and Construction of Locks Award: July 15, 2009 Order to Proceed: August 25, 2009 Initial Amount + options: B/. 3,158,600,059 Consortium: Grupo Unidos por el Canal S.A. Sacyr Vallehermoso Impregilo Jan De Nul - CUSA Conclusion of the contract: October 21, 2014

Actual
0%

45%
50% 100%

1939 Excavations Pacific Site

2010 2011 2013 2012 2009

Locks Pacific Site

Locks Pacific Site

Locks Pacific Site

1939 Excavations Atlantic Site

2012 2009 2011 2010 2013

Locks Atlantic Site

Locks Atlantic Site

Locks Atlantic Site

Locks Atlantic Site

Locks Atlantic Site

Locks Atlantic Site

Valves arrived to Atlantic Project Site

Valves arrived to Atlantic Project Site

Gate Fabrication - San Giorgio Di Nogaro

Gate Fabrication - San Giorgio Di Nogaro

Gate Fabrication - San Giorgio Di Nogaro

Gates Fabrication - San Giorgio Di Nogaro

Gate Fabrication - San Giorgio Di Nogaro

Gate Fabrication - San Giorgio Di Nogaro

Gate Fabrication - San Giorgio Di Nogaro

Gate Transport and Installation - Atlantic Site

Gates Unloading Dock Area

Gate Transport and Installation - Pacific Site

Gates Unloading Dock Area

Pacific Access Channel

UXO Removal

Pacific Access Channel

PAC : last award contract 7-Jan-10 Company: Consortium ICA-FCC-MECO Amount of award: B/. 267,798,795.99 Order to proceed: 22-Ene-10 Start date: 27-Apr-10 Estimated completion date: 31-Oct-13
0% 50%

Actual

77%
100%

Pacific Access Channel Phase 4

26 M m3 dry excavation

Scope of Contract: 26 M m3 excavation Borinquen dam construction Clearing of 80 hectares of MEC. Award: January 7, 2010 Amount: B/. 267,798,795.99 Company: Consortium ICA-FCC-MECO Completion of contract: August 2, 2013

Actual
0% 50%

70%
100%

Pacific Access Channel Phase 4

Feb 2013 Jan Jul Dec May 2010 2012 2010 2011 May 2013

Foundation Borinquen Dam Foundation Borinquen Dam

Pacific Access Channel Phase 4

9m

New Pacific Locks and Channel

Excavation and dredging at the northern entrance of the Access Channel to the New Locks

Scope of Contract: Deepening of 27.5m a 9.14m PLD Channel Width = 218m Length = 1.6km Volume approved 4 M m3 Award: August 16, 2010 Amount: B/. 54,550,647 Company: Jan De Nul n.v. Concluded: 17 October 2012

Actual
0% 50%

100%
100%

Excavation and dredging at the northern entrance Boho of the Access Channel to the New Locks
Actual

100%

Lago Gatn

Volume: 1.8M
Actual

m3/

1.8M

m3
100%

Buena Vista

Volume: 913K
San Pablo
Actual

m3/

913K m3
100%

Volume: 4.2M m3/ 4.2M m3

Juan Grande Gatn
Actual

38% 100% Gamboa

Actual

Volume: 754K m3/ 2M m3

Volume: 146K m3/146K m3

Pea Blanca
Actual

Barro Colorado

34% Actual

Volume: 1.14K m3/ 3.4M m3

100% Chagres Crossing
Actual

Volume: 1.1M m3/ 1.1M m3

Tabernilla
Actual

100%

Gamboa
100%

Volume: 312K m3/ 312K m3

Volume: 1.9M
Mamey
Actual

m3/

1.9M m3

86%

Volume: 2.3M

m3/

2.6M m3

Actual
0% 50%

83%
100%

Dredging areas in the Culebra Cut

Bas Obispo
Actual Actual

100%

N
Quibian I dredge

Volume: 655K

m3

100%

Volume: 307K m3

Las Cascadas

Actual

100%

Volume: 412K m3

Empire Cunette
Actual

100%

Volume: 240K

m3

Actual

100%

Volume: 664K m3

Culebra Cucaracha

Actual

100%

Volume: 512K
Actual

m3
100%

Centenario Bridge

Paraiso

Volume: 204K m3

Actual Cornelius dredge

0% 50%

100%
100%

Dredging areas in Gatun Lake

R.H. Christensen Quibian I

Cornelius

Mindi

Dredging areas in Gatun Lake and Culebra Cut

Alberto Aleman Zubieta

Atlantic Entrance Deepening & Widening

17.38 M m3 dredged and excavated
Widening: of 198 m to 225 m (navigation channel) Channel width to 218 m (North access channel) Extension 13.8 Km.

Creation of Post-Panamax area to turn around

Award: September 25, 2009 Amount: B/. 144,236,596.44 Company: Jan De Nul NV Conclusion of contract: April 25, 2013

Actual
0% 50%

100%
100%

Atlantic Entrance Deepening & Widening

Summary Schedule of Main Projects with Baseline and Contingency

As of 30 April 2013
Activity by quarter (Q) Locks Specifications and locks models Design and build post-Panamax locks Pacific access channel - phase 1 Pacific access channel - phase 2 Pacific access channel - phase 3 Pacific access channel - phase 4 Dredging of the Pacific entrance Dredging Deepening and widening of Gatun Lake and deepening of Culebra Cut Dredging of the Atlantic entrance Increase operating level of Gatun Lake Expanded Canal begins operations Expansion Program progress
Specifications and design Baseline* % Progress

2007

2008

2009

2010

2011

2012

2013

2014

2015

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

100% 45% 100% 100% 100% 70% 100% 85% 100% 14% 77%

Access channel

56.1%
Bidding and contracting Baseline Execution Baseline

Contingency against baseline

Beginning of operations

* Baseline from 31 December 2006 including contingency

THE IMPORTANCE OF THE

PANAMA CANAL
TO LOGISTICS AND TRADE
Jorge L. Quijano
Administrator Panama Canal Authority
Paris, France May 27, 2013

BIMCO