Panama Eyes New Shipbuilding Opportunities

With an aim to boost shipbuilding in the country and attract investment in its maritime industry, the Government of Panama has presented a new bill dedicated to the development of the mentioned industries, the Panama Maritime Authority (AMP) informs.

The bill focuses on fulfilling the country’s need to establish shipyards that would be capable of constructing large ships in Panama, as well as creating an attractive environment for investment by ship financing entities.

The country, which has one Panamax-size shipyard focused on ship repairs, is looking to start building big vessels, namely containerships.

According to the authority, the country’s geographical position favors the development of these activities which have not yet been exploited.

The country is currently testing all systems on its expanded Panama Canal project, which is in its final stages as the repairs on the leaks have been completed.

Panama Canal Administration (ACP) recently said that less than four percent remains to complete the overall project. The finished canal is expected to be inaugurated in the second quarter of 2016.

The new bill, referred to as the Shipbuilding Finance Promotion Law, was presented by Panama’s Minister of the Presidency Álvaro Alemán and Minister of Maritime Affairs Jorge Barakat Pitty.

World Maritime News Staff

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