panama canal expansion impacts to global logistics and trade | may 2013

8/13/2019 Panama Canal Expansion Impacts to Global Logistics and Trade | May 2013

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THE IMPORTANCE OF THE

PANAMA CANALTO LOGISTICS AND TRADE

Jorge L. QuijanoAdministrator

Panama Canal Authority

BIMCOParis, France

May 27, 2013


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1. Panama Canal Expansion Background

2. Changes in world shipping and trade

3. Implications of the expansion

4. Opportunities5. Panama Canal Expansion update

A

GEN

DA


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Backhoe Hydraulic Dredger Tugboats

Accumulated Investment Capex

(USD millions) 1,870

Cutter Suction Dredg

er

Bridge over the CanalsAtlantic Entrance

2001 2002 2003 2004 2005 2006

102

2007FY 2000 2008 2009 2010 2011

Drilling and Blasting Barge

2013

2,508

2012

Regular Capital Investment Program


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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

2025

PanamaCanalTon

sinMillions

Fiscal Year

Historical Revised Forecast (January 2006)

Historical

Max. tonnage capacity

of expanded Canal: 600

Canal Tonnage Capacity

Additional tonnage

captured after expansion

508

Forecast

Max. tonnage capacity of

existing Canal: 355


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CHANGES IN WORLDSHIPPING AND TRADE

2


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Comparison of Economic Forecast(Oct 2010 vs April 2013) for the years 2013-2015


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Average Growth Rate for Regional Economies


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-0.2

-0.15

-0.1

-0.05

0

0.05

0.1

0.15

0.2

0.25

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Airborne Seaborne Land

(percentagechangeintons)

Source: Global Insight, Navigator 2013

Annual Growth Rate of World

Commerce by Transport Mode


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Source: Global Insight, Navigator 2013

Annual Growth by Type of Cargo


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Population

+21%, 353M(Selected States)

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

NorthwestWA, OR, CA, AK

+28.0% Pop: 70MGreat Lakes

IL, IN, MI, PA, OH

+2.5% Pop: 55M

Southeast

DE, VA, NC, SC, GA, FL

+34% Pop: 68MGULF

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

Northeast

NH, MA, RI, CT, NY , NJ

+4% Pop: 43M

US: Demand Drivers Population Growth 2010-2030


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US CENSUS: International Database

POPULATION

+6%, 550M

Europe Population / Projected Growth - 2010-2030

NORTH EUROPE, SPAIN, PORTUGAL,

FRANCE, BELGIUM, GERMANY,

NETHERLANDS, POLAND, IRELAND, UK,

NORWAY, SWEDEN 4.0%

Pop: 363M

SOUTHERN EUROPE,

SWITZERLAND, ITALY, AUSTRIA,

SLOV, CROACIA, GREECE, TURKEY

+10.0%

Pop: 188M


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Source: US CENSUS: International Database

Latin American Population / Projected Growth - 2010-2030

TOTAL

POPULATION

+19%, 700M

Mexico +18.9%

Pop: 135M

Guatemala, El Salvador,

Belice, Honduras, Nicaragua.

+28.0%

Pop: 19M

Costa Rica, Panama

+23.0%

Pop: 19M Colombia, Venezuela

+22.0%

Pop: 88M

Ecuador, Peru,

Bolivia, Chile +20.0%

Pop: 85M

Uruguay, Paraguay,

Brazil, +18.0%

Pop: 251M

Argentina,+17.0%

Pop: 48M

Caribe, Cuba, Puerto Rico, Repblica

Dominicana, Jamaica, Hait +11.0%

Pop: 42M


16/105Source: ACP/MEMN/Alphaliner, March 2013

Demand growth below projected

overall supply impacting charterrates

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

12.2

%

5.6

%

12.8

%

13.3

%

14.1

%

10.1

%

10.9

%12.4

%

5.8

%

-8.5

%

14.1

%

8.2

%

4.5

%5.1

%5.7

%

6.3

%

9.3

%12.3

%

10.1

%

8.9

%9.7

%

12.8

%16.0

%

13.8

%

13.2

%

5.5

%

9.1

%

7.9

%

6.0

% 7.3

%

7.0

%

2.3

%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

0.0

5.0

10.0

15.0

20.0

25.0

Fleet Capacity Forecast 2013-2015

% Global Throughput Growth % annual Capacity Growth

MillionTEUs

Fleet Growth vs Global Throughput


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0

10000

20000

30000

40000

50000

60000

2

000-Q1

2

000-Q3

2

001-Q1

2

001-Q3

2

002-Q1

2

002-Q3

2

003-Q1

2

003-Q3

2

004-Q1

2

004-Q3

2

005-Q1

2

005-Q3

2

006-Q1

2

006-Q3

2

007-Q1

2

007-Q3

2

008-Q1

2

008-Q3

2

009-Q1

2

009-Q3

2

010-Q1

2

010-Q3

2

011-Q1

2

011-Q3

2

012-Q1

2

012-Q3

2

013-Q1

$/Day

Quarters

Feeder - 350 TEU Feedermax - 725 TEU Handy - 1000 TEU

Handy - 1700 TEU Sub-Panamax - 2000 TEU Sub-Panamax - 2750 TEU

Sub-Panamax - 2500 TEU Panamax - 3500 TEU Panamax - 4400 TEU

Source: Clarkson Research Services Limited , Apr 2013

Time Charter Rates


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49%

47%

4%

Fleet Capacity 2013

Panamax or Less

Neopanamax

Post Panamax

42%

49%

9%

Fleet Capacity 2016

Vessel size

Existi ng fleet as of March 2013 Orderboo k 2013-2016 Estimated Fleet in 2016

No. of

vessels%

Capacity

(thousand

s of TEUs)

%No. of

vessels%

Capacity

(thousand

s of TEUs)

%No. of

vessels%

Capacity

(miles

TEUs)

%

Feeders 100-499 372 7.3% 114.1 0.7% 0 0.0% 0.0 0.0% 372 6.7% 114 0.6%

Feedermax 500-999 806 15.8% 602.1 3.7% 11 2.4% 9.2 0.3% 817 14.7% 611 3.1%

Handy 1000-1999 1,244 24.4% 1,752.6 10.7% 54 11.9% 78.6 2.4% 1,298 23.3% 1,831 9.3%

Sub-Panamax 2000-2999 669 13.1% 1,701.1 10.4% 31 6.8% 77.1 2.3% 700 12.6% 1,778 9.0%

Panamax 3000-5000 933 18.3% 3,876.6 23.6% 23 8.7% 90.3 2.7% 956 17.2% 3,967 20.1%

Neopanamax* 3500-13,200 1,033 20.2% 7,687.2 46.8% 265 58.2% 1,980.0 59.8% 1,298 23.3% 9,667 49.0%

Post Panamax* 13,200+ 49 1.0% 694.0 4.2% 71 8.9% 1,078.3 32.5% 120 2.2% 1,772 9.0%

Total 5,106 16,427.7 455 3,313.5 5,561 19,741.3

% Less than Panamax 60.5% 25.4% 21.1% 5.0% 57.3% 22.0%

% Panamax 18.3% 23.6% 5.1% 2.7% 17.2% 20.1%

% Neopanamax 20.2% 46.8% 58.2% 59.8% 23.3% 49.0%

% Pospanamax 1.0% 4.2% 15.6% 32.5% 2.2% 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.

Full Container Vessel

Existing Fleet and Orderbook


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0

50

100

150

200

250

300

350

400

450

25+ 20-24 15-19 10-14 5-9 0-4 OrderbookAge Range

Feeder Feedermax Handy Sub-Panamax Panamax Neopanamax Post Panamax

NumberofVesse

l

Source: ACP/MEMN/Clarkson, April 2013

Container Vessel Fleet Age Profile

(Age Range)


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2010 2011 2012 2013 2014 2015 2016 2017

IHS/CERA: Bunker HFO 380 3.9% -15.9% -6.8% -11.9% 7.1% 5.6%

EIA: Bunker -1.8% 41.2% 1.7% 8.8% 7.6% 4.7% 1.6% 2.0%

EIA Diesel Fuel (distillate fuel oil) 6/barrel 21.2% 26.7% -1.4% -8.0% 6.1% 3.3% 1.3% 1.4%

FAFA Forecast 1.7% 1.6% 1.4%

Future 0.7% -0.5% -0.6%

Analyst Forecast 2.6% 3.4% 3.0%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

PriceVariation(%yearvs.year)

Bunker Price Variation


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Limits on the sulfur content

of marine fuels:

Within an ECA

Today: Sulfur content of fueloil 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 dirt ier

than the fuel used on the road

Emission Control AreasBurn fuel oil with lower sulfur content


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CO2emission tradingfrom 2013

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

2020: SOx-limits for fuel

apply globally. MGO

demands a premium >

50% of Heavy Fuel Oil

Clean Fuel > High Price


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IMPLICATIONS OF THEPANAMA CANAL EXPANSION

3


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IMPLICATIONS OF THE

PANAMA CANAL EXPANSIONFOR THE CONTAINER SEGMENT


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

Liner Services Connectivity

Panama Route


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

Commercial RouteNo. Of

Services

Annual

Capacity

No. of

Vessels

Average Vessel

Size

Asia - USEC / Gulf 12 5,506,506 112 4,426

WCSA - Europ e 7 2,429,676 53 3,549

Pendulum 2 984,666 27 4,721

WCUS - Europe 2 807,538 21 3,821

WCSA - ECUS 2 782,144 13 3,797

Asia - Carib bean 1 479,402 12 4,597

Aust rali a - ECUS 1 354,572 10 3,400

WCSA - Caribbean 1 167,484 4 1,606

Aust rali a - Europe 1 125,386 6 2,405

Total 29 11,637,374 258 4,073

RotterdamAntwerpDunkirk

Hamburg

BilbaoMarin

Guayaquil

Callao

San Antonio

MejillonesAntofagasta

Manta

Cartagena

Ensenada

Kingston

P.Caucedo

Manzanillo

Port of Spain

P. Cabello

Chiwa

n

Shanghai

Busan

Ningbo

Kaohsiung

Qingdao

Hong Kong

JacksonvilleHouston

Miami

SavannahCharleston

New York

Tangier

Dubai

Napier

Lautoka

Noumea

Tilbury

Le Havre

San Juan PR

Iquique

Ilo

Taipe

i

Pyongtaek

YokohamaTokyo

Los Angeles

Oakland

Norfolk

MelbourneTauranga

SidneyAuckland

Vancouver

Seattle

Lzaro

Cardenas

La SpeziaNaples

Valencia GioiaTauro

SeattleVancouver

Buenaventura

CristobalBalboa

Manzanillo

Feeder Services Atlantic 24 4,038,138 74 1,904

Commercial RouteNo. Of

Services

Annual

Capacity

No. of

Vessels

Average Vessel

Size

Feeder Services Pacific 9 4,574,394 66 6,072

Total 33 8,612,582 140

Liner Services Connectivity

Panama Route


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Reducestransport cost

per TEU

Improvesproductivity and

flexibility ofcarrier

Reduces CO2emissions per

TEU

Improves thecompetitivenessof the Panama

route

Improves

carriersnetwork

performance

Impacts

development ofUS ports and

landinfrastructure

Impact of Canal expansion


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ServiceAverage vessel

size (TEU)

Transit

frequency

Number

of

vessels

Yearly

transits

Yearly service

capacity (TEU)

Service A 4,500 7 8 104 468,000

Service B 4,500 7 8 104 468,000

Service AB 9,000 7 8 104 936,000

Result -8 -104 0

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 + Service B = Service AB


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ServiceAverage vessel

size (TEU)

Transit

frequency

Number

of

vessels

Yearly

transits

Yearly service

capacity (TEU)

Service A 4,500 7 8 104 468,000

Service B 4,500 7 8 104 468,000

Service C 4,500 7 8 104 468,000

Service ABC 13,200 7 8 104 1,372,800

Total -300 -16 -208 -31,200

Under this scenario, the carrier takes advantage of economies of scale through the

deployment of bigger vessels.

+

+

=

Service Deployment Scenario

Service A + B + C = Service ABC


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Baltimore: Deepening to 50

Completion 2012

Norfolk: Currenth depth 50, deepening to 55. No

posted date information.

NY/NJ: Deepening from 45 to 50 and elevating the

Bayonne bridge from 151 to 215

Completion 2015

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

Houston: Current depth 45

United States East Coast Ports

Panama Canal Most Important Cargo Destination


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Freeport

Recife

San Antonio

Los Angeles

Panama

Source: ACP/MEMN, Apri l 2013.

Transshipment Hinterlands of the Americas


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IMPLICATIONS OF THE

PANAMA CANAL EXPANSIONFOR THE DRYBULK SEGMENT


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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.


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Potential PostPanamax Trade - Grains

95K DWTMini Capesize


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Potential PostPanamax Trade - Soybeans

55K DWT

Handymax


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Potential PostPanamax Trade - Coal

180K DWTCapesize


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Potential PostPanamax Trade - Coal

180K DWTCapesize


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Potential PostPanamax Trade - Iron Ore

55K DWT

Handymax


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IMPLICATIONS OF THE

PANAMA CANAL EXPANSIONFOR THE LIQUID BULK SEGMENT


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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 outof the U.S. destined to Asia.


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Potential PostPanamax Trade Crude Oil

117,055 DWTAframax


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Potential PostPanamax Trade LNG

Cargo capacity:145,000 m3

PostPanamax


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Potential PostPanamax Trade - LNG

Cargo capacity:

137,100 m3

PostPanamax


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Potential PostPanamax Trade - LNG

Cargo capacity:137,100 m3

PostPanamax


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Diversification and Growth of the Scope of ACPs


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There is a close relationship between the Canal andother 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 conjunctionwith Canal operations

Diversification and Growth of the Scope of ACP s

Commercial Opportunities

P C l Di ifi i S


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ContainerTerminal

Ro- RoTerminal

VesselRepairs

Bunkering ContainerBarge Services

Top-OffOperations

Logistics ParksServices

LNG Terminal

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.

Panama Canal Diversification Strategy


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A CONTAINER TERMINAL IN THE

PACIFIC ENTRANCE OF THE CANAL

P t D l t i P


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1996: 235 K TEU

2010: 5.6 M TEU

2012: 6.8 M TEU2015: 8.4 M TEU

2020: 12.4 M TEU

Panama Ports Company Cristobal

Colon Container Terminal Manzanil lo International Terminal (MIT) Panama Ports Company - Balboa

PSA

Port Development in Panama


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Greenfield Leveled Sites Available for Development


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Third set of

locks

Future

Fourth setof locks

Ro/Ro

TerminalIndustrial plant

Fourth set of locks(estimated)

Ro/Ro

Potential area

Logistics

Park

La

Ensenada

88.9 has

34 has 115 has

Greenfield Leveled Sites Available for Development

Total: 980 Ha

P t ti l t iti


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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 lightmanufacturing 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

R ll O R ll Off F ibilit St d


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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

Roll On Roll Off Feasibility Study

Panamas Competitive Advantage


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Land availabili ty

Sea: All major carriers have weekly services throughPanama

Sea-air connectivity (for parts)

Panama s Competitive Advantage


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Located in the narrowest

point of the Americas, the

Republic of Panama is the

ideal location to consolidate

and distribute cargo to

consumers around theworld.

Its integrated transportation

and logistics Platform

provides easy access to over

470 million consumers inthe Americas. Shipments

can be easily delivered by

air or sea to destinations in

Latin America within a few

hours or days.

PANAMA:Your gateway to

Latin America and beyond

Panamas Competitive Advantage


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Land availabili ty

Sea: All major carriers have weekly services throughPanama

Sea-air connectivity (for parts)

Panama s Competitive Advantage

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.


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PANAMA CANALEXPANSION UPDATE

5


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k d l i


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Locks and Vessels size

32.3 m

12.04 m

Existing locks maximum vessel size: 4,400 TEUs33.5 m

49 m

18.3 m min.28.3 m max.

15.2 m

New locks maximum vessel size:13,000+ TEUs


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Deepening and widening of the Pacific entrance (8 7 M m3)


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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 m3dredged

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

0% 50% 100%

100%Actual

Locks Design and Construction


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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


0% 50% 100%

45%Actual

1939 E ti P ifi Sit


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1939 Excavations Pacific Site

20092010201120122013


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Locks Pacific Site


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Locks Pacific Site

Locks Pacific Site


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Locks Pacific Site

1939 Excavations Atlantic Site


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1939 Excavations Atlantic Site

20092010201120122013

Locks Atlantic Site


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Locks Atlantic Site

Locks Atlantic Site


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Locks Atlantic Site

Locks Atlantic Site


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Locks Atlantic Site

Locks Atlantic Site


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Locks Atlantic Site

Locks Atlantic Site


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Locks Atlantic Site

Locks Atlantic Site


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Locks Atlantic Site


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Valves arrived to Atlantic Project Site


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Valves arrived to Atlantic Project Site

Gate Fabrication - San Giorgio Di Nogaro


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Gates Fabrication - San Giorgio Di Nogaro


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Gates Fabrication - San Giorgio Di Nogaro



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Gate Fabrication San Giorgio Di Nogaro



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Gate Transport and Installation - Atlantic Site


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Gates Unloading

Dock Area

Gate Transport and Installation Atlantic Site

Gate Transport and Installation - Pacific Site


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Gates Unloading

Dock Area

Gate Transport and Installation Pacific Site

Pacific Access Channel


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UXO Removal


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UXO Removal



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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-130% 50% 100%

77%Actual

Pacific Access Channel Phase 426 M 3 d ti


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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

26 M m3 dry excavation

0% 50% 100%

70%Actual

Pacific Access Channel Phase 4


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

Foundation Borinquen Dam

Foundation Borinquen Dam


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Pacific Access Channel Phase 4


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New Pacific Locks and Channel


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New Pacific Locks and Channel

Excavation and dredging at the northern entrance

of the Access Channel to the New Locks


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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


0% 50% 100%

100%Actual

Boho

Boho

Excavation and dredging at the northern entrance


100%Actual


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Barro Colorado

Lago Gatn

Gatn

Pea Blanca

Mamey

Tabernilla

86%Actual

Volume: 2.3M m3/ 2.6M m3

100%Actual


100%Actual


100%Actual

Volume: 146K m3/146K m3

Gamboa

Buena Vista

Juan Grande

San Pablo

Gamboa

38% Actual

Volume: 754K m3/ 2M m3

34% Actual

Volume: 1.14K m3/ 3.4M m3

100%Actual


100%Actual

Volume: 913K m3/ 913K m3


Chagres Crossing

100%Actual

Volume: 312K m3/ 312K m3

0% 50% 100%

83%Actual

Dredging areas in the Culebra Cut


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N

Centenario Bridge

Bas Obispo

Las Cascadas

Empire

Cunette

Culebra

Cucaracha

Cornelius dredge

Paraiso

100%Actual

Volume: 655K m3

100%Actual

Volume: 240K m3

100%Actual

Volume: 512K m3

100%Actual

Volume: 204K m3

100%Actual

Volume: 307K m3

100%Actual

Volume: 412K m3

100%Actual

Volume: 664K m3

Quibian I dredge

0% 50% 100%

100%Actual

Dredging areas in Gatun Lake


99/105

R.H. Christensen

Cornelius

Mindi

Quibian I

Dredging areas in Gatun Lake and Culebra Cut


100/105

Alberto Aleman Zubieta

Atlantic Entrance Deepening & Widening17.38 M m3 dredged and excavated


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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 aroundAward: September 25, 2009

Amount: B/. 144,236,596.44

Company: Jan De Nul NV

Conclusion of contract: April 25, 2013

0% 50% 100%

100%Actual

Atlantic Entrance Deepening & Widening


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Summary Schedule of Main Projects with Baseline and ContingencyA f 30 A il 2013


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As of 30 April 2013

Activity by quarter (Q) % Progress

Specifications and locks models 100%

Design and build post-Panamax locks 45%

A

ccesschannel Pacific access channel - phase 1 100%

77%Pacific access channel - phase 2 100%

Pacific access channel - phase 3 100%

Pacific access channel - phase 4 70%

Dredging of the Pacific entrance 100%

Deepening and widening of Gatun Lake anddeepening of Culebra Cut

85%

Dredging of the Atlantic entrance 100%

Increase operating level of Gatun Lake 14%

Expanded Canal begins operations

Expansion Program progress 56.1%

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

Bidding and contracting ExecutionSpecifications and design

Baseline* Baseline Baseline

Beginning of operationsContingency

against baseline

* Baseline from 31 December 2006 including contingency


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Jorge L. QuijanoAdministratorPanama Canal Authority

BIMCOParis, France

May 27, 2013

THE IMPORTANCE OF THE

PANAMA CANALTO LOGISTICS AND TRADE


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panama canal expansion impacts to global logistics and trade | may 2013

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