The Astilleros Puerto Balboa SA (Astibal) consortium was awarded the concession contract for the operation of the Balboa shipyard, with an offer of US$14.4 million. The concession period will be 20 years.

The consortium is of the Spanish group Astilleros Canarios SA (Astican) and will be responsible for the rehabilitation, development and administration of the Balboa shipyard. Astiban was the only bidder in the tender for the shipyard, located at the Pacific entrance of the Panama Canal. 

The Balboa shipyard is the only one in the region that has three dry docks, one of them with a capacity for Panamax vessels. The consortium plans to invest up to US$20 million for the restoration and will generate around 4,000 direct and indirect jobs.