Four contractors shortlisted for $1.2bn Panama “fourth bridge”
The number of consortium groups currently bidding for a fourth bridge over the Panama Canal has been reduced to four from six, with a further extension on the date for submissions.
The fourth Panama bridge will be just over 1km in length and will connect the Pan American Highway Arraijan road over the canal.
A construction timeframe has been set of around 3.5 years, with an anticipated completion date set for 2020, or early 2021.
Currently, there are three bridges over the canal, the Bridge of the Americas, constructed in 1962, the Atlantic Bridge, which is currently under construction and set for a 2018 completion date, and the centennial bridge, constructed in 2004.
The four bridges are part of a major ambition to grow city the of Panama, as the connectivity between Panama City and the west coast became a significant problem, often cited as the biggest hindrance.
A real estate firm based in Panama went as far as saying that through the construction of these bridges will “expand the borders of the city, offering new opportunities and relieving the congestion, allowing more businesses to locate on the outskirts.”
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With new bridges comes improved travel which in turn will improve the tourism and import/export infrastructure of the city.
And then there were four
The original six consortiums, which were in the running for the bid for the contract, have now been reduced to four.
This has been a result of a combination of factors, including legal disputes and in one instance, other successful bids in the Panama area coming first.
- Spanish consortium Dragados Sucursal Panamá SA;
- Consortium Astaldi-Daelim from Italy and Korea, respectively
- From China, consortium Panamá Cuarto Puente, composed of China Communications Construction Company LTD and China Harbour Engineering company LTD
- Consortium Cuarto Puente CSCEC-CREC-GLF, composed of Chinese State Construction Engineering Corporation LTD and China Railway Group Limited
UPS Posts Record Second Quarter with Revenues of $23.4bn
Growth across each of its core segments resulted in record results for UPS in the second quarter, with group revenues climbing 14.5% year on year to $23.4bn.
The global logistics outfit achieved consolidated operating profit of $3.3bn, up 47.3% compared to the same period in 2020. It is the second consecutive quarter of record profit, and a significant rise on Q1’s $2.9bn.
UPS Q2 Revenues in Brief
- Consolidated revenues: $23.4bn (+14.5% yoy)
- Domestic: $14.4bn (+10.2%)
- International: $4.82bn (+30%)
- Supply Chain Solutions: $4.2bn (+14.3%)
The US company’s domestic segment performed steadily with 10.2% revenue growth to $14.4bn. But it was its international and supply chain solutions segments where UPS saw the biggest gains. Strong demand in Europe led an increase in international revenues of 30% to $4.82bn. UPS’ supply chain solutions division saw revenue growth of 14.3% to $4.2bn, driven, the company said, “by strong demand in nearly all businesses”.
UPS’ steady growth throughout the pandemic has been led by the overarching vision of its chief executive Carol Tomé to do “better not bigger”, focussing on efficiency and high margin deliveries through its network over pure scale and volume.
“I want to thank all UPSers for executing our strategy and delivering high service levels, which fuelled record financial results in the second quarter,” she said. “Through our better not bigger framework, we are moving our world forward by delivering what matters.”
UPS Completes Sales of UPS Freight
The second quarter also saw UPS complete the divestiture of UPS Freight in a deal worth $800m - with a surprise result for the division, now called TForce Freight, under new owner TFI International.
“The second quarter was historically significant for TFI International, with the closing of our UPS Freight acquisition and record performance across the board,” said Alain Bédard, chairman, President and Chief Executive Officer, TFI International. “Particularly gratifying is the performance of TForce Freight, which has exceeded our operating ratio targets far ahead of schedule, and we have only just begun our work.”
In it first two months of ownership TFI reported that adjusted operating ratio (OR) was 90.1% for TForce Freight, far outperforming its forecasted OR of 96-97%.
“I wish to thank our entire team for their hard work and remarkable efforts, and officially welcome aboard our new TForce Freight colleagues who have seamlessly come under the TFI umbrella and are already making stronger than expected contributions,” Bédard added.