MILAN, May 17, 2023 – An arbitral tribunal at the International Chamber of Commerce (ICC) has issued an award in the proceedings concerning a claim for damages related to the construction of the lock gates of the expanded Panama Canal, filed by the Grupo Unidos por el Canal (GUPC) consortium. 

The tribunal unanimously decided that GUPC had the right to receive an additional $34.9 million for claims related to labour costs, in addition to an amount previously awarded by the Dispute Adjudication Board (DAB).

The tribunal did not, however, accept another claim filed by GUPC related to the construction of the lock gates of the expanded Panama Canal. The tribunal also accepted other claims related to the extended period of construction, referring the determination of the relative awards to another panel of arbitrators, already in progress. 

GUPC completed the expansion of the Panama Canal in 2016, oversaw its maintenance for three years and met all the obligations it was required to meet. Since the expanded canal entered into operation, the Panama Canal Authority has generated more than $3 billion in annual revenues from tolls thanks to the perfectly functioning infrastructure, a unique example of performance and efficiency. 

Webuild also started an arbitration against the Republic of Panama before the International Centre for Settlement of Investment Disputes (ICSID) regarding its own investment in the project.