Panama Canal and the Port of Miami Renew MOU Agreement

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Date: 31-OCT-2011

• Canal expansion will bolster the region's growth and development 

PANAMA CITY, Panama, October 31, 2011-Another milestone agreement has been reached between the Panama Canal Authority and the Port of Miami - Administrator and CEO of the Panama Canal Authority (ACP), Alberto Alemán Zubieta, and Port of Miami Director, Bill Johnson, have renewed a Memorandum of Understanding (MOU) to promote trade opportunities and share best customer practices.

Prior to signing the MOU renewal, Mr. Alemán and Mr. Johnson met with local dignitaries and members of the international trade and Panamanian-American business communities to discuss the port's 50-foot Deep Dredge project and the expansion of the Panama Canal. In its commitment to accommodate the world's largest vessels, the Port of Miami's Deep Dredge project will deepen the channel by 50 feet and is timed to coincide with the completion of the Panama Canal expansion project.

"As Panama continues to become the logistics and maritime hub of the Americas, the renewal of our Memorandum of Understanding with the Port of Miami emphasizes our commitment to promoting regional growth and solutions for the shipping industry as we forge ahead with our historic Canal expansion," said Alemán Zubieta. "This agreement will create unlimited opportunities for the international trade industry and consumers."

The Port of Miami is the largest container port in Florida with a $17 billion annual economic impact on the region, providing direct and indirect employment for over 180,000 jobs. The Port of Miami is making strategic investments to handle the Post Panamax vessels that will begin navigating the expanded Canal in 2014.  As a result of the port tunnel project, traffic flow will be improved, inefficiencies in the movement of cargo will be alleviated and economic development, safety and efficiency will be enhanced.

The Canal's expansion is on schedule as it recently began permanent concrete work on the new set of locks. This $5.25 billion project will expand the waterway with deeper and wider entrances at the Atlantic and Pacific channels in addition to creating a third set of locks that will allow the transit of longer and wider ships.

About the Panama Canal Authority (ACP)

The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please visithttp://www.pancanal.com/. You can also follow us on Twitter:http://twitter.com/thepanamacanal.