The Panama Canal Authority has awarded Astilleros Armon of Spain a $158.3m contract to build 14 new tugs.

The contract includes construction, testing and delivery of 14 70t tractor-type tugs to be used for assisting larger vessels with transit operations, anchoring and other manoeuvres in the Panama Canal.

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The first vessel is expected to be delivered within 600 days of being awarded.

The Panama Canal currently has a fleet of 36 tugs to assist more than 14,000 transits every year.

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