Dr. Ricaurte Vásquez Morales was sworn-in during a ceremony held at the Panama Canal Administration Building in Panama City, becoming the fourth Panamanian Administrator of the waterway shortly before it celebrates its 20th year under Panamanian administration on December 31, 2019.
Administrator Vásquez an economist with more than 30 years’ experience in the public and private sector said: "Just a few months short of the 20th anniversary of the transfer of the Canal to the Panamanian people, we face a distinctly different reality today. Trade now travels along different routes."
"This new global reality, in which the Canal operates, requires us to redefine and adapt our business. We must face this challenge with intelligence, courage and imagination," he added.
The new administrator was sworn-in before the Minister for Canal Affairs and Panama Canal Board of Directors Chairman, Aristides Royo, during a ceremony at the Panama Canal Administration Building, reaffirming the Canal's commitment to efficiently serving the maritime industry.
On February 15, the Panama Canal Board of Directors, appointed Dr. Vásquez as new Canal administrator in accordance with an independent, transparent and rigorous process mandated by the Panamanian Constitution and the Organic Law of the Panama Canal.
Dr. Vásquez succeeds Mr. Jorge L. Quijano, who completed his term as administrator on September 4 after seven years leading the Canal and more than 40 years at the waterway.
Dr. Vásquez begins his term a month before the end of the 2019 fiscal year on September 30, 2019. His appointment takes place during a period of unprecedented growth and record-breaking tonnage for the waterway, set forth by the opening of the Expanded Canal in June 2016.
Dr. Vásquez is the fourth Panamanian administrator of the Canal, following Mr. Quijano (2012-2019), Alberto Aleman Zubieta (1996-2012) and Gilberto Guardia (1990-96), who was the administrator of the Panama Canal Commission, the U.S. federal agency that operated the Canal until 1999.
During the transition period Dr. Vásquez gradually joined the Canal's institutional and labor regulations and participated in the presentation of the Canal budget for the 2020 fiscal year, in order to ensure a smooth succession, guaranteeing customers an uninterrupted, reliable and safe service.