• Memorandum of understanding will facilitate trade with Curaçao through the Panama Canal

Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta and Curaçao Ports Authority (CPA) General Managing Director Richard Julius López RamírezPanama City, Panama, February 4, 2009 – Today, Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta and Curaçao Ports Authority (CPA) General Managing Director Richard Julius López Ramírez (pictured left) signed a Memorandum of Understanding (MOU) to jointly foster commercial activity between the two entities. Renewable on a two-year basis, the MOU aims to generate new business in tourism and trade for each country’s continued economic growth.

“The Memorandum of Understanding with the Curaçao Ports Authority will strengthen each of our abilities to serve the needs of the international maritime community,” said Mr. Alemán Zubieta. “Curaçao and Panama will work together to promote the route to Curaçao via the Canal, fostering cruise business and regional trade of petroleum products in the coming years.”

As part of the MOU, the ACP and CPA will undertake a series of activities to promote the oceanic exchange of goods including joint advertisements, data interchange and competitive market analyses of the shipping industry. In addition, the ACP and CPA will share information on their latest advancements, such as modernization efforts and personnel training programs. The agreement demonstrates each organization’s commitment to meet increasing levels of trade. As the Panama Canal continues its Expansion Program, Curaçao is working toward increasing capacity to meet the needs of its customers.

“With direct links to major markets and telecommunications infrastructure, the Port of Willemstad – Curaçao’s largest port – is at the center of the CPA’s capital improvement plan. We now look forward to the opportunities this MOU will bring for both entities, as we constantly work to enhance our services,” said Mr. López Ramírez, general managing director of CPA. “One of the Caribbean’s most developed and organized ports, Curaçao continues to maximize its strategic location, offering the region’s largest dry dock, modern cruise terminals and a state-of-the-art mega cruise facility,” said Mr. Agustín Diaz, managing director of CPA.

Slated for completion in 2014, the Panama Canal expansion project will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.

About the Curaçao Ports Authority (CPA)
Since 1981, the CPA, a limited liability company whose main shareholder is the island government of Curaçao, has managed all of Curaçao’s ports. Located in the Southern Caribbean, Curaçao boasts several deepwater ports, most of them sheltered inlets, and a natural harbor. CPA is a landlord port authority, owning infrastructure and most of the superstructure of the ports, while the facilities are leased out to private operators. The CPA is the driving force behind the development of the port, providing services, managing its property, equipment and marketing, and upgrading its facilities. The CPA also collects port tariffs, including harbor dues, wharfage, pilotage and cruise passenger fees. CPA is a shareholder of the Curaçao Towage Company (KTK) for tug services in Curaçao and abroad.

About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP’s Web site: http://www.pancanal.com/.