3 Bids received for Panama Canal Expansion

 Three bids for the extensive expansion of the Panama Canal on both the Atlantic and Pacific side have been received by the Panama Canal Authority. These bids are for the basis of the entire project and involve the construction of the state of the art locks on the Atlantic and Pacific Ocean sides. Upon completion of the entire project, the Canal will effectively be able to double capacity of the current traffic coming through the waterway, with estimated tonnage of 600 million tons a year, as well as allowing the ability to handle much larger vessels. Additional projects included in the expansion project include the dredging, raising the water level of the Gatun Lake, as well as a new traffic lane – the entire new system is scheduled to be ready in 2015.

The consortia that bid on the lock installation and construction phase include Consorcio C.A.N.A.L.; Consortium Bechtel, Taisei, Mitsubishi Corporation; and Consorcio Grupo Unidos por el Canal; with the Canal Authority confirming that the selection process is based upon best value, and the criteria being applied on a basis of 55% technical aspects and 45% for the bidding price. This aspect makes up the largest portion of the entire Canal Expansion project.

The formal process for the dredging aspect is also underway, and this aspect of the project consists of the dredging of 15 million cubic meters of underwater materials and 800 000 cubic meters of dry materials. In order to accommodate the transit of post-panamax vessels, the canal’s entrance must also be deepened to 15,5 meters.

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