ACP Lock Arms in $100m Dispute


A US$100 million complaint has been dismissed by a dispute resolution board for the cost overruns by the consortium that built the expanded Panama Canal’s third set of locks, according to Reuters.

In a recent statement by the Panama Canal Authority (ACP), a complaint was rejected which asked the ACP to cover the costs.

It has been said that the cost overruns amounted to more than $3.5 billion, with the project costing more than $5.4 billion to complete.

The costs can be attributed to the delays that were seen prior to the expansion as a result of a crack found in one of the locks.

The canal has also recently encountered fresh concerns, such as those relating to the safety for carriers, as well as the recent ship crash into a wall of the Agura Clara Locks.

Despite recent concerns, Jorge Quijano, Administrator for the ACP, has expressed his confidence in the expanded canal and has stated that its customers have been satisfied with the new service.

The canal was inaugurated on June 26, 2016.

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