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Panama Canal CEO Briefs Top Leaders in Miami on Canal Expansion

Date: 09-NOV-2009

ACP ADMINISTRATOR CONFIRMS EXPANSION WILL FACILITATE TRADE BETWEEN PORT OF MIAMI AND PANAMA CANAL

Panama City, Panama, November 9, 2009 - Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta briefed government and business leaders on the progress of the Panama Canal Expansion Program at an event in Miami, Florida last Friday. Mr. Alemán Zubieta confirmed expansion is moving ahead on-time, on-budget and will facilitate trade between the Port of Miami and the Panama Canal.

"Expansion is moving ahead as planned and will build a new lane of traffic along the Canal through the construction of a new set of locks. Anticipated to be complete by 2014, the project will double the waterway's capacity and allow more traffic and wider ships to transit," said Mr. Alemán Zubieta. "The Port of Miami will be in a key strategic position to accommodate the world's largest cargo vessels as a result of the expanded Panama Canal."

The event, organized by the Port of Miami, brought together high-level government and business representatives including Ambassador of Panama to the United States Jaime E. Alemán, Miami-Dade Board of County Commissioners Dennis C. Moss and Port of Miami Director Bill Johnson.

Mr. Johnson provided an update on the Port's capital improvement programs to fully maximize the benefits of the expanded Canal. According to Mr. Johnson, the Port is dredging its current draft from 42 to 50 feet to accommodate larger ships. The Port Tunnel is another significant project of the Port, designed to ease congestion and provide more expedited delivery of goods to distribution centers in the area. Both projects are expected to finish by expansion's anticipated completion date of 2014.

"The Port of Miami is an internationally recognized trade hub and an important Canal business partner," said Mr. Alemán Zubieta. "The Port's infrastructure projects speak to its commitment to maintain strong commercial bonds with the Panama Canal and its pursuit to find solutions to better serve the international maritime community and its trade routes."

About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP's Web site: http://www.pancanal.com/.


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