Republic of Panama : Braswell Shipyard Operator Will Have to Compete for Concession

Braswell Shipyard Operator Will Have to Compete for Concession

Story By La Prensa

Contrary to the requests of the company that operates the Braswell Shipyard, the Maritime Authority has announced it will hold a public tender in 2011, the year the operator's concession expires.

Maritime Authority Director Roberto Linares explained that the decision will allow all interested parties the opportunity to participate on an even playing field.

Astilleros Braswell had asked to renew its contract for operation of the Port of Balboa, located on the Pacific end of the Panama Canal, for another 20 years, for which it pledged to invest $40 million.

Bernardo Fernández, manager of the company, said that Astilleros Braswell has run the shipyard since 2006 and currently employs a staff of 1,000. One of the assets included in the concession is a dam the size of one of the locks along the Canal, he added.

Fernández claimed that since the Spanish company Fábrica de Exquisiteces de Atún acquired the concession in 2006, it has invested $25 million in the shipyard via Astilleros Braswell, S.A., a sum that it has yet to recover.