Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama Canal’s LNG Bottleneck Could Last Until March
Congestion delaying LNG shipments via the Panama Canal is expected to last through the peak demand winter months, traders close to the situation said, although the canal’s regulator said it had made changes to speed up transit.
The price of liquefied natural gas (LNG) and shipping rates have hit record highs because of the bottleneck, supply constraints and heavy demand from Asia, where freezing weather has placed the energy supply system under strain.
Source: G Captain
Panama Ship Registry Closes 2020 With 230M GT.
The Panama Ship Registry has reached 230,577,081 GT with 8,516 vessels, a growth of 6.22% compared to 217,083,822 GT at December 2019, according to IHS MARKIT. It is the first time, the Panamanian flag has attained the 230M GT mark and the best growth [6.22%] since the end of 2011, “figures which make us very proud,” said Rafael Cigarruista, director of the Panama Ship Registry.
The Register has introduced last year, a series of improvements including a complete reengineering with market analyses and the introduction of electronic documents for greater users’ satisfaction.
“The Registry, despite the global economic slowdown created by Covid-19, shows positive figures,” said Rafael Cigarruista. “There are less vessels, less new constructions, more competitors, more international enforcements; even though, we have achieved a milestone for the Registry in spite of the pandemic,” he added.
Source: Hellenic Shipping News
Panama attorney general to seek Odebrecht’s unpaid fines.
The Panamanian attorney general’s office will ask a judge to order Odebrecht to pay fines due in 2019 and 2020 after the corruption-ensnared Brazilian conglomerate failed to pay, prosecutor Anilu Batista said on Friday.
Panamanian authorities fined Odebrecht in 2017 for paying bribes in exchange for construction contracts in the Central American country.
The company owes more than $35.5 million, a judicial source at the attorney general’s office said. Odebrecht did not immediately respond to a request for comment.
Odebrecht had made the payments for 2017 and 2018 as well as an advance of $1.1 million for 2019, the source said.
Panama Relocation Datasheet: Quick tips and history before you move!
Moving to Panama? Planning on investing in Panama? Just coming for a quick visit? Get to know the country first. There’s so much to this culturally rich, fun, and diverse country that you’ll want to be prepared to get the most out of it, no matter what your interest level is.
While some historians believe that Panama was an indigenous name for a particular tree, or an abundance of butterflies, the majority consensus is that it means “abundance of fish.” Panama was a thriving area for many indigenous tribes who settled there for the natural resources and protection. Even today, the country is known for its natural riches and resources, which keeps the name ringing true.
Source: POLS Blog