BRIEFS: Maritime

AMP to spend $1.5 million on rent next year

The $130 million preliminary budget for the Autoridad Marítima de Panamá (AMP) includes $1.5 million in rent for offices in Panama and abroad, agency officials told the Asamblea Nacional.

According to the budget, $773,000 will be used to pay the rent on the Pan Canal Plaza building in Albrook.

The remaining funds will be used to rent offices in New York, Tokyo and Greece, where AMP offers services to its customers in the merchant marine industry.

The preliminary budget estimates that income for 2009 will increase by $13.9 million dollars as compared to current spending plan, which estimates revenue at $116 million.

About 86 percent of the agency's revenues comes from taxes and fees, with direct taxes on ships accounting for about 25 percent of the agency's overall revenue.

The other 14 percent comes from miscellaneous income, including interest payments, and sales of services.

AMP officials estimated that the agency would expend $118 million on operating expenses and $6.4 million on capital expenses. The remaining money will be put in a contingency fund.