Seasonal Drought Surcharges to Continue, Panama Canal Chief.: Weekly News Roundup, January 15th 2020

Jan 15, 2020 | Panama News

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

Seasonal Drought Surcharges to Continue for Several Years, Says Panama Canal Chief.

The head of the Panama Canal expects seasonal restrictions on shipping, including new “freshwater surcharges,” to continue for several years until canal administrators find a long-term solution to droughts that have hit operations at the trading hub.

Canal Administrator Ricaurte Vásquez said authorities are considering pumping water from elsewhere in the country or building a dam that would store more water at Gatun Lake, which provides water to help ships pass through the locks between the Pacific and Atlantic oceans. Either project could take up to three years to complete.

“We expect the measures to continue until we have a permanent solution,” Mr. Vasquez said in an interview.

Source: The Wall St. Journal

Accident in Gatun Lock, Panama Canal.

Two tugs collided in Gatun Lock while providing transit of a Greek tanker VELOS LEO, in the afternoon Jan 12. One tug literally climbed over another. Cause of accident yet unknown. Tanker wasn’t damaged and continued her transit, en route from Beaumont USA to Lazaro Cardenas port, Mexico.

One worker or tug crew was reportedly, injured or killed in an accident, but there’s no official confirmation. Understood there was some one-way traffic delay or suspension.

CORRECTION: Panama Canal Media contacted MB and requested correction: 1) Nobody was injured in this accident, thankfully; 2) The vehicles involved are called “locomotives” rather than tugs.

Source: Maritime Bulletin

EU’s 5AMLD Forces Deribit to Move to Panama.

Deribit, a cryptocurrency options and futures trading platform, has decided to move its base from the Netherlands to Panama.

Announced on Thursday, the platform will officially register as DRB Panama Inc. on February 10 and will be a 100 percent subsidiary of the Dutch entity – Deribit B.V.

Source: Finance Magnates


Driving in Panama? Here’s what you need to know first.

If you’re planning on relocating or retiring in Panama, chances are, you’ve considered whether or not to drive a car there. Driving in Panama, like anywhere, has its ups and downs, and buying or using a car in Panama depends on many factors.

Before you make the decision to drive in Panama, we highly recommend you do some due diligence first. Panama has one of the largest amounts of cars on the road, per population, of any country in the hemisphere. There are also numerous laws, licenses, and regulations involved in driving in Panama, so weighing out whether is worth it is critical to your plan to relocate here. In order to keep you informed, here are the basics on what you should know.

Source: POLS Blog

POLS Attorneys Staff Writer

POLS Attorneys Staff Writer

As one of the leading Panama Law Firms, and one of the regions most reliable offshore service providers, POLS Attorneys brings a wide range of professional knowledge to our clients needs. Our staff is made up of professional offshore consultants, Panama attorneys and immigration specialists who are experienced in offshore business, understand international investment and asset protection strategies, and are experts in providing a seamless Panama immigration process.

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