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Source: Equal Times
Despite a slight drop in traffic at Fairview Terminal, the Port of Prince Rupert had another record year in 2013.
At Fairview, there was a five per cent drop in tonnage through the terminal last year, with 536,439 twenty foot equivalent units (TEUs) of cargo being moved through Fairview Terminal by the end of 2013 compared to 564,856 in 2012.
Fairview had 303,840 TEUs imported through the terminal last year, down nearly 4.5 per cent from 2012 when 318,067 TEUs were imported.
More at the Northern View
According to a confidential cable sent by then-U.S. Ambassador to Panama Barbara Stephenson, Vice President Juan Carlos Varela classified the Panama Canal expansion project as a disaster when lunching with a visiting U.S. Congressional delegation on December 29, 2009. Varela called the consortium in charge of the project – led by Spanish and Italian firms Sacyr and Impregilo – ”very weak” and said that he had ”real doubts.”A key member of the consortium now threatening to bail out of the construction of the third set of locks in the Panama Canal expansion project, was described as a bankrupt company when the contract was awarded.
“Facts seem to bear out what was said by the U.S. ambassador, in 2009, according to WikiLeaks.” says CentralAmericaData
In a message to Washington, then Ambassador Barbara Stephenson described Sacyr as “a bankrupt company sustained only by the Spanish government.”
It seems clear that the construction consortium lacks the financial resources to complete the work under the terms of the original contract, which brings to mind the criticisms of the award of the project to GUPC, who bid a much lower price than the other proponents, an...
Source: Wall St. Cheat Sheet
Source: 24/7 Wall St,
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