Delay's in Panama Canal Expansion will cost Millions in Revenue

It is estimated that the Panama Canal will lose about $450 million in expected revenue due to delays in the opening of the expansion.

The project was supposed to be finished in October 2014, but the new opening date is April 2016.
The Panama Canal Authority (ACP) has projected a loss of $1 million per day for the delay.
Despite the recent leaks that were discovered in the Pacific locks, the contractor GUPC said that the project is still on track to be ready next April "after seven years of work and more than 100 million hours of work."

The contract was awarded to GUPC for $3.1 billion. It was supposed t be finished in 1,883 days.
The consortium has presented more than 10 claims to increase the amount of money it will receive. Those claims are in various stages of resolution.
Last January, a dispute resolution board partially granted the contractor a payment of $233 million and allowed it 176 additional days to deliver the work.

If that claim is upheld, it would still mean the project is delayed 350 days.
The contract includes a penalty of $300,000 for each day the project is delayed. ACP Administrator Jorge Luis Quijano said that any penalties will be resolved after the project is completed.
"It will be handled by our attorneys, but we are being economically affected by the delays," he said.