Panama Business

Innovari and ENSA Go Live With Interactive Energy Platform Project in Panama. Through IEP Program, ENSA Partners With Customers and Integrates the Grid's Edge to Optimize Grid Utilization, Performance, and Reliability
Interactive Energy Platform (IEP) developer Innovari and Panamanian utility ENSA went live last week with a 1 megawatt (MW) IEP project, with plans for long-term expansion that will help the utility improve system utilization, meet growing energy demands with reduced infrastructure investment, and harden the grid to improve power reliability and the customer experience.
In this pilot, partially funded by the U.S. Trade and Development Agency (USTDA), ENSA is partnering with 12 commercial and industrial facilities to unlock affordable capacity through an IEP-enabled automated demand side management (ADSM) program, while leveraging the IEP to integrate capacity from two distributed generators (DG). The IEP is part of ENSA's 15-year concession, which began in 2013, wi…

Investors Buying Last Apartments in Panama’s Trump Ocean Club. There has been a flood of sales in Panama’s Trump Ocean Club in recent months, as the iconic waterfront tower enters the final closeout phase. Only 10 developer-controlled apartments are left in the sail-shaped tower, which has become the center of cultural and social life in Panama City.
Investors have been pouncing on the deals in the Trump since last October, when there were 50 apartments available. The last 10 should go quickly, with prices rising throughout Punta Pacifica, the neighborhood of skyscrapers on the waterfront.
The remaining apartments are priced anywhere from $75,000 to $100,000 under list price, as the developer looks for quick sales during the limited closeout phase. With prices starting in the $300,000s, the price levels are at 2006 pre-construction levels.
The apartments range from a 102-square-meter one bedroom to four 183-square-meter three-bedroom apartments. The three bedroom apartments are located o…

Royal Dutch Shell Plc’s Maran Gas Apollonia vessel is scheduled to pass through Panama Canal on July 25. Royal Dutch Shell Plc’s Maran Gas Apollonia vessel is scheduled to pass through Panama Canal on July 25 after loading LNG from the U.S. Gulf Coast, according to the Panama Canal Authority, which oversees the locks’ operations. BP Plc’s British Merchant LNG tanker is expected to become the second to pass through the canal the following day and a third tanker is slated for early August, the agency said late Monday.
The vessels will become the first to take advantage of a multibillion-dollar expansion that widened the canal enough to handle massive LNG tankers. Its opening stands to increase the potential for American shale gas exports, which began just five months ago, by cutting shipping costs and times from the U.S. to the west coast of Latin America and to Asia.
“The fact that three companies have booked passage means that it’s viable and it’s working more or less the way the cana…

TigoCTM, the First Bitcoin and Cryptocurrency Transaction Machine Franchise, Opens in Panama for Worldwide Sales
TigoCTM has opened the opportunity of bitcoin and cryptocurrency to entrepreneurs worldwide from their new Panama based franchise office. Bitcoin and Dash usage are exploding, but users lack methods of funding wallets, and then turning coins back into cash. TigoCTM’s end that problem. They’ve created a business opportunity for individuals looking to profit in this exploding industry, even if they don’t have technical skills, industry contacts, or cryptocurrency education.
Cindy Zimmerman, CEO of TigoCTM, purchased the first Panama-based CTM in 2015 because none existed. She says, “I knew there were no bitcoin CTM’s in Panama, but I needed to convert my bitcoin back into US Dollars, so I purchased my first machine. I didn’t think the market would be large, but I discovered because of Venezuela’s economic instability, the opportunity was exploding. When I realized how in demand…

Fitch Downgrades ENA Norte and ENA Este's Notes; Affirms ENA Sur. ENA Sur's rating affirmation reflects the fact that its robust debt structure has allowed it to benefit from past positive performance and to deleverage to a point where nowadays it has no dependence on future traffic growth.
ENA Sur's recent traffic performance shows decreases of 7.7% in 2015. Notwithstanding this fact, Fitch's base case long term expected traffic compound annual growth rate (CAGR) does not materially differ from ENA's. Yet, the lack of inflation adjustments in toll rates since the transactions have been placed has led to a general deterioration of the three toll roads' projected metrics. Fitch will assume henceforth that tolls will remain unchanged. As a result, ENA Sur's rating case loan life coverage ratio (LLCR) is 1.34x (1.43x in past review), on the low side of its rating category, but the project maintains low leverage as reflected in its debt to cash flow available fo…

Viceroy Hotel Group will open a new Villa Resort in Bocas del Toro, Panama. Viceroy Hotel Group has announced plans for Viceroy Bocas del Toro Panama, a resort and residences set to open in 2019. The destination, located above crystal-blue Caribbean waters on the edge of a rainforest will feature 186 modern guest rooms, including 42 overwater villas along 457 acres of coastline — with three miles of private white sand beaches, plus sailing, surfing and hiking adventures just beyond the door.
The 42 overwater villas will offer awe-inspiring vistas of the Caribbean coast and ocean, each with its own private plunge pool and direct access to the ocean by the deck. Exclusivity is all part of the location, while a quick trip from Panama City, is accessible only by boat, seaplane or helicopter.
Among the numerous adventure options are rainforest zip-lining, snorkeling, sailing, paddle boarding and deep sea fishing. The archipelago is also home to the San San Pond Sak wetlands, the most biolog…

Maxam Tire opens Lat/Am branch in Panama. China’s Sailun Group has established a joint venture in Panama City to oversee its Maxam OTR tire brand throughout Latin America.
The joint venture, involving Sailun’s Maxam Tire International Ltd. unit and Latin Expo Group L.L.C. of Miami, is taking over sales and distribution responsibility for the Maxam range throughout Central and South America and the Caribbean, according to Milton Lopez, technical director, commercial for the new company, Maxam Tire Latam L.L.C.
Previously Maxam Tire International handled these responsibilities from its offices in Europe, according to Martin West, managing director of Solihull, England-based Maxam Tire.
“We’ve found the right partner close to the end-user,” Mr. West said during the Latin American & Caribbean Tyre Expo, which is going on this week in Panama City. “We’ve known Gus (Lima, CEO of Latin Expo Group) for a long time from the Sailun side.”
The new venture partners did not disclose their sale…

JPMorgan Says Panama Bonds Are a Buy. Negative headlines triggered earlier this year may have created an opportunity to buy the Central American nation’s sovereign bonds, according to JPMorgan Chase & Co.
The bank raised its recommendation on the country to “overweight” from “marketweight”, saying that the bonds have under-performed this year, even as the economy remains a top performer.
“The real economic consequences are not going to be all that severe,” said Franco Uccelli, an emerging market analyst at JPMorgan. “Everything else that has been sustaining growth in the country is very much there, and is there to stay. If the bonds have underperformed as a consequence of some risk aversion related to the scandals, then you should be buying Panama.”
Panama’s economy is set to grow 6.1 percent this year, the fastest pace in Latin America, according to a forecast from the International Monetary Fund.

The recent inauguration of the expanded Panama canal and the construction of Panama …

Mr Black launches liqueur with Panama Geisha Coffee. Mr Black has unveiled a new coffee liqueur, which has been created using the world’s most expensive and sought after coffee, the Geisha coffee from Panama.
Mr Black Panama Geisha Coffee LiqueurLess than 300 bottles of the Mr Black Panama Geisha Coffee Liqueur have been made, with 50kgs of Camilina Geisha beans used. This particular lot of Geisha has just been awarded First Prize at this year’s ‘Best of Panama’ competition by the Specialty Coffee Association of Panama. Will Young, Founder and Director of Campos Specialty Roasters, who has sat on the international jury for the Best of Panama Competition five years in a row, has said this is one of best coffees he’s ever tasted.
Philip Moore, Head Distiller and Founder at Mr Black Spirits Co is thrilled to work with such a special product and creating a world first for Mr Black.
“I’ve always been fascinated with the flavours of coffee and it’s something I’ve been working with for years. T…

OnQ Completes Phase 4 of Expansion. Market Demand Rising Rapidly for Panama-based Healthcare Labor Outsourcing and ContactCenter
In response to increased demand for its highly trained and skilled customer service associates, OnQ, the Santiago, Panama-based ContactCenter and Labor Outsourcing provider, is pleased to announce the completion of the fourth phase of its ongoing expansion. The expansion will further support OnQ’s rapid growth and increase production capacity by 50 percent. In anticipation of continued demand for services, the company has secured additional local office space to fulfill requests from current and prospective clients.
OnQ, the Panama-based Contact Center & Labor Outsourcing provider, announces the completion of its expansion.
The increasing demand for OnQ associates is a direct reflection of OnQ’s unwavering commitment to quality and its determination to be the preferred partner in the marketplace. One of OnQ’s current clients recently stated, “When OnQ is me…

Panama is Open for Business according to John Feeley. “Panama is open for business”, said the United States’ Ambassador to this country, John Feeley during the Panama American Chamber of Commerce (PANAMCHAM) forum called “Panama: expanding its opportunities.”, according to Marijulia Pujol Lloyd who wrote this article.
The event took place on Sunday, June 26, at the Riu Hotel. The event was part of the inauguration of the Third set of Locks of the Panama Canal, which took place the same day.
During his introduction, Ambassador Feeley said that Panama has achieved its objective by completing the construction of the third set of locks, opening a wealth of opportunities, making the market in the Isthmus even more attractive.
“The direct foreign investment (DFI) has increased by 4% over the last few months representing a total of $618 million and the International Monetary Fund predicted that Panama will have a growth of 6% by the end of 2016, making the country not only the envy of the re…

Maersk Will Reshuffle Vessels and Services as Part of Panama Canal Strategy. Expansion Provides More Options From Asia to South America and U.S. East Coast, and will enable Maersk to carry more shipments of export cargo and import cargo in international trade.
Søren Toft, Maersk Line COO said : “We look forward to seeing our larger vessels pass through the new locks.” Maersk Line has been expanding its services in the Americas over the last 15 months. According to what Miguel Sanchiz of Panama Business News learned, Maersk expects more than 400 transits this year through the Panama Canal with canal fees exceeding $100 million.
The announcement from Maersk came as the expanded Panama Canal was officially inaugurated on June 26.
“As a long-time customer, Maersk Line welcomes the expansion of the Panama Canal,” said Søren Toft, chief operating officer at Maersk Line. “We look forward to seeing our larger vessels pass through the new locks. It is a very positive development for trade, Pana…

Mol Benefactor breaks record for Panama Canal toll. Mol Benefator a boxship paid on July 1st, the highest ever Panama Canal transit fee in the waterway’s 102-year history.
The Hong Kong-flagged MOL Benefactor paid out $829,468 for the 77 km interoceanic crossing, beating the record $575,545 Cosco Shipping Panama paid as the first vessel to transit the expanded canal last Sunday. The MOL Benefactor is a Seaspan controlled 10,000 teu ship which is 337 m long and 48 m wide, according to what Miguel Sanchiz of the Panama Business News found out.
Given that the newly widened canal can accept boxships of up to 12,000 teu, a $1m transit fee is on the cards soon, all happening to repay the $5.25bn Panamanian authorities have paid to get the waterway widened over the past decade.

The vessel, which began its passage of the new locks at Cocolí paid $829,468 dollars, according to the Panama Canal Authority. The Benefactor Mol broke the record that had been set Sunday by the vessel Cosco Shipping Pa…