News Release

6th November 2002

Five New Quay Cranes for the Port of Balboa


[Panama – 6th November 2002] Panama Ports Company, S.A. (PPC) announces the award of a substantial order of 5 new Quay Cranes for the Port of Balboa Container Terminal to Hyundai Heavy Industries as part of the Phase III development programme of this port.

The new cranes, 3 Super Post Panamax with an outreach of 19 rows and 2 Panamax with an outreach of 13 rows are equipped with the latest drive technology to provide faster and smoother handling of customer cargo. This procurement forms part of an ambitious expansion programme to double the capacity of the port and increase its fleet of high speed container cranes to a total of eight.

The Port of Balboa is ideally located at the Pacific entrance of the Panama Canal to serve as transhipment hub for cargo to/from Asia and within the West Coast of Latin America. Balboa also serves as the Pacific entrance to the Colon Free Zone, the largest free trade zone in the western hemisphere, as well as providing a strategic link for cargo destined for the Caribbean and the East Coast of Latin America by rail or trucking connections.

Commenting on this event, Mr. Alejandro Kouruklis, General Manager of PPC, said:

“This new quay cranes order shows our commitment towards Panama and the international maritime community to enhance the Port of Balboa’s role as the largest transhipment hub in the West Coast of Latin America. This order also sends a positive message to major shipping lines interested in calling at Balboa in the short term.”