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.
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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