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Wednesday, October 17, 2018

Philip Embiricos on Board for Panama Canal

Mr Philip Embiricos of Embiricos Shipbrokers Limited, and INTERTANKO Council member, has been appointed to the Advisory Board for the Panama Canal, a board of high-powered international advisers formed to coincide with the official transfer of power from the US to Panama.

The Board will be charged with supervising the Canal as it passes from US to Panamanian stewardship. It will meet twice a year but will be in contact via the web with other Boards to keep abreast of the latest developments. Mr W. O’Neil, IMO secretary general, has been elected Chairman for two years. The main duty of the Board is to advise the Panama Canal Authority on customers’ expectations and reactions and to advise of any proposed changes in policy. The Board will seek to ensure that industry requirements are well taken into account by the Authority. The Board will also watch over the Canal’s future growth plans, which include a massive watershed expansion and possibly the construction of a third set of locks. The size of the lock will have to be determined to enable the passage of larger ships but nevertheless ensuring that there is sufficient return to warrant such a large investment. The waterway’s financial affairs, in particular the toll structure, will also come under close scrutiny.