Panama renews Hutchinson Panama Ports’ 25-year concession
Despite some resistance, the Panama Maritime Authority (AMP) has authorised the automatic renewal of a quarter-century concession to the Panama Ports Company (PPC)
PPC, a subsidiary of Hutchinson Ports Holdings, has had its 25-year concession to administer the ports of Balboa and Cristobal extended by the AMP. The renewal attracted some resistance from economic sectors that called for a review of the conditions of the contract prior to renewal.
According to a statement made by the Panamanian government, PPC will pay $130m in dividends, $20m for Social Responsibility, and $14,464,491.35 in concept of tariffs totalling $164,464,491.35.
The amount “represents the largest amount managed and received from any past administration during the term of this contract,” the statement said.
