INVESTMENT BONANZA FOR PANAMA

White brought much needed stability to a job that had seen seven administrators in eight years. He was respected throughout Maryland’s shipping industry and was considered instrumental in positioning the Port of Baltimore to become a leader in handling automobiles and other ro-ro cargoes.

Concession holders of the Panamanian ports of Manzanillo International and Colon Container Terminal are expected to invest US$500m to modernise and expand their terminals. The state will pay US$24m to acquire the necessary land. The 20-year concessions are due to expire in 2013 (Colon Container Terminal) and in 2016 (Manzanillo International) respectively, although these can be extended. Hutchison Wampoa, which operates container terminals in the ports of Balboa on the Pacific coast and Cristobal on the Atlantic coast, has decided not to participate in the initiative.