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Tocumen International revenue up 27%

Posted on November 29, 2016 in Panama

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TOCUMEN International Airport continues to be a Panama money spinner  with  revenue, up 27percent to $191 million  in the first 10 months of the year  compared with the same period in 2015.

Airport officials said the increase is due to the $10 rise in the departure tax  from $40 to $50  and the addition of routes by Lufthansa and Turkish Airlines. With the peak tourist  season about to kick in, the rosy picture looks set to continue for with some 14 million passengers are expected to use the airport this year

http://www.newsroompanama.com/business/panama-4/tocumen-international-revenue-27

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Tocumen Plans a Third Runway

In order to remain competitive Panama City airport needs to further expand its operating capacity, and is already working on the acquisition of surrounding land.

Wednesday, November 30, 2016

The funds to finance the project to construct a third runway will come from the dividends expected to be generated by the terminal with the granting of duty free premises whose tender is scheduled for 2017.

Projections by Tocumen S.A. indicate that  "...Between 2022 and 2025 Tocumen International Airport will need a third runway if it does not want to lose competitiveness to other air terminals in the region."

Prensa.com reports that "...It is estimated that the period of construction of the third runway will take about three years. In the expansion plans, projected up until 2030, Tocumen envisages the construction of a third passenger terminal, coupled with a new runway."

http://www.centralamericadata.com/en/article/main/Tocumen_Plans_a_Third_Runway

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Tocumen to Buy Surrounding Land

The international airport in Panama needs space to build a third runway to ensure the continuity of air operations.

Monday, May 9, 2016

An article on Capital.com.pa reports that "...The neighborhoods surrounding the International Airport of Tocumen are limiting growth of the airport, and preparations are being made to acquire these lands in order to build a third runway in the next five years, to prevent the arrival and departure of aircraft being interrupted by an accident. "

According to Carlos Von Seidlitz, director of Air Transport at the Civil Aviation Authority (CAA), "...Many developments located near the airport came about by land invasion and today they are strangling the growth of the air terminal, which will have to compensate these residents. "

"... Tocumen SA reported that, indeed, the next phase of airport expansion plan includes the construction of a third runway, which will be needed in the next five years. "

http://www.centralamericadata.com/en/article/home/Tocumen_to_Buy_Surrounding_Land

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Rising passenger flow at Tocumen

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Tocumen arrivals

TOCUMEN International Airport, was used by about 3.7 million passenger between January and March in 2017,  an increase of 172, 906 compared to the first quarter of last year.

2.6 million passengers were in transit on international flights another 610,048 entered the city and 577,958 left. On average, 42,000 passengers e arrived at or left the terminal each day.

Carlos Duboy, Airport Manager, said that they are  not only receiving  more passengers, but also are entering with more foreign exchange bringing  benefits to hoteliers, merchants and tour operators.

During 2016 the terminal, registered the entry of 14.7 million passengers.

A second terminal is nearing completion.

 

http://www.newsroompanama.com/travel/panama-2/rising-passenger-flow-tocumen

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Tocumen's Expansion Plans

Panama City airport authorities have started negotiating to buy the land needed to build a third runway and a passenger terminal.

Tuesday, October 3, 2017

The formal process for acquiring properties began with discussions with the owners of the six plots of interest to Tocumen S.A., all of different sizes and which together total some 800 hectares. Carlos Duboy, manager of Tocumen, explained that they presented a possible payment scheme that includes a portion in cash and another in exchange of state lands in other parts of the country. 

Prensa.com reports that "...The airport's plans are to finalise the negotiation before the end of the year and complete the purchase once Tocumen finishes paying off the debt it has with the University of Panama, which in 2012 sold to the airport 337 hectares for $109 million."

"... According to Tocumen's master plan, by the year 2022 they will need to construct a third airstrip, because of aircraft congestion on the ground that is happening during peak hours. 
Also, the airport will need a third passenger terminal, taking into account that between 2025 and 2030 the building of 116 thousand square meters that is currently be built will be operating at its maximum capacity."

 

https://www.centralamericadata.com/en/article/main/Tocumens_Expansion_Plans

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Moderator comment: There is a separate posting in a different forum about an inquiry into the expansion of Tocumen Airport. Please see:

 

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Secrecy agreements over airport land deals [for third runway expansion]

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New runway coming
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Tocumen, S.A., is signing confidentiality agreements with the owners of the land which will be bought to build the third runway for Panama’s  principal international airport.

There are 10 owners who together have about 800 hectares, says  Carlos Duboy, manager of Tocumen, S.A. To acquire the 800 hectares, Tocumen will issue bonds for $225 million of which, about $100 million dollars would go to the purchase of the lands, reports La Prensa.

Duboy said that they will negotiate separately and that the price per square meter will depend on the characteristics of the terrain. The appraisal made by the Comptroller General indicated a price of between $10 and $25 per square meter. “There are areas that are flooded and swampy, while there are others that are more firm,” it said.

Last week, the Cabinet Council authorized Duboy to prepare the issue, as well as restructure the 2013 issue for $650 million, to get a lower rate of interest.

 

http://www.newsroompanama.com/business/panama-4/secrecy-agreements-airport-land-deals

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Environmentalism Vs. Development

The Panamanian Supreme Court of Justice has revoked the resolution that had approved the environmental impact study to build an oil pipeline that would supply fuel to Tocumen airport.

Wednesday, January 31, 2018

The ruling by the Supreme Court of Justice comes just a few days after the same institution received an injunction against a project to build a port terminal on Isla Margarita, Colón, with an estimated investment of $600 million. Also annulled by the Court, in mid-January, was an EIA to set up a 150 MW wind farm, which was to be built in the Fortuna forest reserve.

In 2014, Vertikal Corporation obtained a concession for a 4 hectare area located between the coast of the sea adjacent to Tocumen international airport, to build a fuel terminal from where it would supply the airport through an oil pipeline. See "Concession for fuel storage"

Regarding the decision to revoke the environmental permit for the pipeline, Prensa.com reports that "... the ruling arose after an appeal filed on June 5, 2017 by the Center for Environmental Impact, the Urban Citizen Network of Panama and the Center for Studies and Social Action in Panama, arguing alleged violations of the rights to a healthy environment, to sustainable development and the primacy of the public interest over private interests."

"... In his ruling, the residing magistrate, Jerónimo Mejía, agreed with the arguments raised by CIAM and concluded that the approval of the EIA for the pipeline project definitely violates the right to a healthy environment."

There is no doubt that this legal ruling will give pause to investors and business people coming from outside of Central America who see Panama as a potential destination for their investments. This legal ruling will surely make them question what real legal protection the country offers for developing large-scale investment projects

 

https://www.centralamericadata.com/en/article/main/Environmentalism_Vs_Development

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$12 million Tender for Urbanization Works

Tocumen Panama is putting out to tender the adaptation of access roads, subdivision and urbanization of 13 hectares of land that will be used for the first phase of a free zone to be built on the airport's premises.

Monday, February 19, 2018

Panama Government Purchase 2018-2-02-0-08-LV-007334:

"According to the guidelines established in the 2015 Master Plan, Tocumen International Airport will build a new Free Trade Zone measuring approximately 35 hectares, to provide value-added services and merchandise re-processing, mainly on the airport grounds, intended for international export.

Included within the framework of the aforementioned development of this new Free Trade Zone is the subject of this purchase process to establish the conditions for actions concerning the first phase, understanding it as the adaptation of the access roads to this new area to be used as a Free Zone and the parcelling and urbanization of approximately 12.93 Ha (hectares) without including the slopes, depending on the terrain. "

Reference value: $12.310.717  

The deadline for receipt of bids is March 29, 2018.

See Tender.

 

https://www.centralamericadata.com/en/article/main/Tender_for_Urbanization_Works_for_12_million

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Tocumen plans Singapore style logistics center

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TOCUMEN International Airport is investing $12.3 million to kickstart a logistics area modeled on the operations in Dubai and Singapore by creating a new light industries center only meters  from the cargo terminal, the first of its kind in the region.

The funding will go towards  preparing   the first 18 hectares where companies  will be installed for  labeling and packaging perishable food products and assembly of technological devices such as computers and cell phones, and  other light manufacturing activities

Carmen Carrizo de Pages, Vice President of Strategy and Planning of Tocumen, S.A.  said  that with the project, Tocumen seeks to increase the movement of cargo to and from Panama, which despite having the greatest connectivity in the region, is below other markets, such as Colombia, in  the movement of goods by air.

The investment made by the airport will be used to build the basic infrastructure of lighting, internal streets, and parking lots, while the construction of the manufacturing facilities will be the responsibility of the companies installed in the project, which will have a 20-year concession.

Currently, Tocumen handles the transport of 12,000 metric tons of merchandise each month

 

http://www.newsroompanama.com/business/panama-4/tocumen-plans-singapore-style-logistics-center

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Tocumen, at the forefront for service and operation

Wed, 04/25/2018 - 19:19

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The gateway to Panama, which is preferred by nationals and foreigners, will take on a new face at the end of 2018. We refer to the Tocumen International Airport.

The total completion of terminal two of the aforementioned air terminal, whose investment amounts to 800 million US dollars, is scheduled towards the second half of this year, according to information provided by Carlos Duboy, general manager of the airport.

The work corresponding to the macro project of expansion of the airport includes the installation of nine loading and unloading bridges for which it is planned to circulate in 2025 more than 25 million passengers annually. It is also planned that the contact doors amount to 54 for boarding and 12 remote positions on a square surface of 250,000 meters.

Terminal Two of Tocumen will be operational and available for the Youth Day that will be held in Panama between January 22 and 27, 2019 with the presence of Pope Francis.

For Duboy, the work being done at the international air terminal consolidates Panama's leadership in the region and makes it maintain the "Hub of the Americas" at the forefront of technology, passengers and infrastructure. The statements were released during the presentation of the 2017 Management Report before the Communication and Transport Commission of the National Assembly.

 

http://www.panamatoday.com/panama/tocumen-forefront-service-and-operation-6725

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Tocumen Issues $225 million in Debt

The international airport of Panama has issued on the international market a 30-year debt issuance, at an interest rate of 6%.

Monday, May 7, 2018

The decision to issue the bonds is in accordance with Tocumen's plans to modernize the air terminal's electrical system, and to build a third runway and the first phase of the logistics area. 

Prensa.com reports that "... As a debt issuer, the airport has an AAA rating. According to Fitch, the terminal has the mechanisms to make the necessary adjustments to increase its revenues and support its financial commitments." 

The article adds that "... With this issue, Tocumen International Airport's total debt climbed up to one thousand 450 million dollars."

 

https://www.centralamericadata.com/en/article/main/Tocumen_Issues_225_million_in_Debt

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Tocumen International completes $225 million bond issue

Posted on May 11, 2018 in Panama

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Terminal 2 was 75% complete before the strike. Revenue from the new bond issue will be used to purchase land for the construction of a third runway, and supplementary projects.
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Tocumen International Airport. has successfully completed a $225 million debt bond issuance million, after venturing into local and international markets.

The placement of the debt issued by the airport, has the subscription of Citigroup Global Markets and a maturity of 30 years, with a rate of 6%.

Carlos Duboy, Manager of Tocumen S.A., (AITSA)  highlighted the importance of this long-term financing to continue the expansion and improvement plan of Tocumen International Airport.

Revenue from the new bond issue will be used to purchase land for the construction of a third runway, funds for supplementary projects, bidding for new projects and the payment of ongoing projects, such as the construction of new fuel tanks and supply system, Sub Electric Station, electric backup generator for Terminal 2, repair of pavements and taxiways in Tocumen and Panama Pacifico Airport, car parking in T2. the start of the Phase 1 project of the new Multimodal Cargo Logistics Zone, scanner and x-ray security systems, furniture or equipment, new computer systems and technology, among others.

AITSA has the investment grade and BBB risk rating according to Standard & Poor’s and Fitch Raitings, this demonstrates the confidence of international and local investors in Panama and its strategic assets.

 

http://www.newsroompanama.com/business/panama-4/tocumen-international-completes-225-million-bond-issue

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Panama's main airport issues bonds for 225 million dollars

Sun, 05/13/2018 - 15:07

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The Tocumen Airport, Panama's main airport, issued 225 million dollars in bonds with a maturity of 30 years and a rate of 6 percent, to finance the expansion plan of this important regional hub.

The administration of Tocumen said this Friday in a statement that the issue was placed "successfully in local and international markets (...) with the subscription of Citigroup Global Markets", without further details.

Revenue from the new bond issue will be used to purchase land for the construction of a third runway, funds for supplementary projects, and the bidding of new projects, Tocumen said.

Also for the payment of projects in execution such as the construction of the new fuel tanks and supply system, electrical substation, electric backup generator for terminal two, repair of pavements and taxiways in Tocumen and Panama Pacifico Airport, parking lots of cars in terminal 2 and taxi operators.

The funds will also be used for the start of the Phase 1 project, the new Multimodal Logistics Freight Zone, the security systems for scanners and x-rays, furniture and equipment, new computer and technology systems, among others, said the administration of the air terminal.

Tocumen recalled that "it has the investment grade and BBB risk rating according to Standard & Poor's and Fitch Raitings," which, it added, "demonstrates the confidence of international and local investors in Panama and its strategic assets".

The airport is in full expansion with the project of terminal two (T2), a project of around 800 million dollars, which will allow it to mobilize more than 20 million passengers per year.

 

http://www.panamatoday.com/economy/panamas-main-airport-issues-bonds-225-million-dollars-6838

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Odebrecht gets another $13.9 million for Tocumen terminal 2

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Terminal 2 is about 80% complete
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The cost of the construction of terminal 2 at Tocumen International Airport  will increase by $13.9 million the amount of the addendum forwarded by  Tocumen S.A. to the Comptroller after negotiating with the Brazilian construction company Odebrecht.

The price adjustment established by the contract signed in 2013 due to an increase in the cost of materials and wages.

Carlos Duboy, manager of Tocumen, S.A., says  that the increase is not related to any cost overrun of the project, but is part of the original contract.

 

http://www.newsroompanama.com/news/panama/odebrecht-gets-another-13-9-million-for-tocumen-terminal-2

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