Consortium seeks end to cost dispute with Panama Canal

Work on the project has already been halted for two weeks and has delayed its projected completion until at least December 2015 as a result of a disagreement between the two parties over USD1.6 billion in cost overruns and how to maintain financing.

The delay could cost the Panama Canal Authority (PCA) millions of dollars in lost shipping tolls and are a setback for companies worldwide that are eager to move larger ships through the canal, including liquefied natural gas (LNG) producers that want to ship their products from the US Gulf Coast to Asian markets.