Emirates Announces Panama-Dubai Direct Flight; Longest in the World – Weekly News Roundup, August 14th.




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Welcome to the Panama Weekly Offshore Roundup! Here’s the latest.

Emirates to Take Title of ‘World’s Longest Flight’ With New Panama Service

The “hub of the Americas” will now have another flagship airline flying directly to Panama, and this time, it’s from the Middle East. Earlier this week, Emirates Airlines announced they would start non-stop service from Dubai to Panama starting in February. This is big news for Panamanian businesses and imports, and will have a huge benefit for local investment and air traffic, as Panama will serve as the hub for the region for Emirates.

Bloomberg News says ”the flight will traverse 8,590 miles, according to the Great Circle Mapper website, outstripping Qantas’s Sydney-Dallas route by (about 10 miles).” The flight time for the Dubai-to-Panama leg will be scheduled at 17 hours, 35 minutes.

“Panama City will be our first destination gateway in Central America, providing a convenient option for our passengers traveling from or through our global hub in Dubai and onward to destinations throughout Central America, the Caribbean and the northern part of South America,” Emirates CEO Sheikh Ahmed bin Saeed Al Maktoum says in a statement to The National of Dubai. “We’re also pleased to be the only commercial airline to offer a daily, first class service to travelers on what will be the world’s longest non-stop flight.”

Source: USA Today

 

Panama Canal to Limit Ship Draft Due to Drought

This year, and specifically this rainy season, Panama has had a major shortage of rainfall, which has lead to a drought. And while drought conditions aren’t yet critical, they are bad enough to cause some alarm, and make the government and Canal Authority take preventative measures.

From 8 September, the maximum draft – or depth in the water – will be cut to 39ft (11.89m), which may affect up to 20% of traffic. A similar restriction was imposed for the same reason in 1998. The authorities say a further cut could be imposed on 16 September if the situation does not improve.

The authority has taken the action because water levels in the Gatun and Alhajuela lakes have fallen as a result of the El Nino weather phenomenon. The current draft limit is 39.5ft, which will be cut to 39ft on 8 September and then potentially to 38.5ft on 16 September.

Source: BBC News

 

Panama Hub Helps Global Brands Penetrate Latin American Markets

Maintaining a Latin American presence when marketing an international brand or product is critical to global success. This is why Panama is an ideal place to launch. Here’s an example of one company who decided to do just that, as they moved their regional headquarters to Panama and are already seeing the positive benefits.

Damco supports a global technology company’s supply chain into Latin America and Miami. With approximately 64% of this company’s overall net revenue coming from products sold outside the USA, having visibility and control of the end-to-end supply chain when distributing to emerging markets like Latin America is a major factor in achieving on-target performance. When the multinational needed to change its Latin America hub and distribution structure, Damco proved that investment in the new Panama hub would cut transit times and costs, supporting their supply chain into Latin America and Miami.

Previously, the majority of their products destined for Central or South America had to move into Mexico or through Miami before being distributed. Through the use of the Panama Hub, their end-to-end transit times has substantially improved, and at the same time reducing their carbon emissions and costs.

Source: Hellenic Shipping News

Plan Your Panama Retirement in 5 simple Steps!

Planning a retirement in Panama can be fun and exciting, but it can also be an intimidating process. That is, of course, unless you follow some easy and effective steps when you plan ahead. In our latest blog, we give you five simple steps to get you started. Here’s an example:

  1. Arrange your immigration paperwork BEFORE moving: Panama has a great system of benefits for foreign retirees, and they can only be obtained through a special visa (known as “pensionado”, or “pensioner”). Once you’ve decided that you can afford to retire in Panama, and it suits you, it’s critical that you get the ball rolling on all of the paperwork. We can help you through each step of this process, both in Panama, and in your home country.

Continue reading about how to plan your Panama retirement

About Manoj Chatlani


Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, Panama Offshore Legal Services offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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