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| Panama Canal Board of Directors, Advisory Board meet in Shanghai  The Panama Canal Authority (ACP) Board of Directors and Advisory Board met in Shanghai, China, to analyze the progress of expansion and other major projects underway at the Panama Canal. The Advisory Board plays an important role as the Panama Canal strives to best serve global trade and commerce. China is the second largest user of the Panama Canal after the United States. ACP Administrator/CEO Alberto Alemán Zubieta briefed the diverse Advisory Board - composed of business, maritime and trade experts - on key Canal issues, while the groups discussed strategy and current trends in the maritime and shipping industries.Since the October 22, 2006 referendum that approved the waterway's expansion, the ACP has: assembled an experienced internal team to manage the historic undertaking; hired legal and financial advisors; hosted various conferences to communicate to potential contractors the essential details on the project; and, released some preliminary tenders, such as the tender for the program manager and the tender for the north Pacific channel dry excavation. Expansion will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and wider ships. Also discussed at the meeting was the growing value of the "All-Water Route", the route from Asia to the U.S. East Coast via the Panama Canal and back. Recently released fiscal year 2007 second quarter metrics show a 6.30 percent boost in tonnage and a 4.7 percent jump in total Canal transits. Additionally, members toured the Yanzhang Port, which is the largest cargo port and one of the busiest ports in the world. In addition to the regularly scheduled meeting of the Advisory Board and the Board of Directors, the ACP also hosted "Panama Day". This conference and exhibition, titled "Opportunities and Services for World Trade", brought more than 200 maritime and trade business leaders together to highlight expansion opportunities. write your comments about the article :: © 2007 Construction News :: home page |