Panama Ports Company can continue
Now that the Panama Maritime Authority (AMP) has decided to renew the 25-year lease, PPC (Panama Ports Company), an affiliate of Hutchison's Panama Ports, can continue to develop the ports of Balboa on the Pacific coast and Cristobal on the Atlantic coast of Panama.
The price was high. According to a government-issued statement, PPC will make a payment of USD 130 million in dividends, plus USD 20 million for social responsibility and almost USD 15 million in tariffs (movement of containers and wharfage).
The terms of payment "will be formalised through the signing of a shareholders' agreement and the rates for container movement of all container terminals in Panama will be revised and updated, which will be effective as of 2022," the statement said. The current state fee of USD 12 per container may be increased with this new agreement. (sh)