Giving Thanks; Panama to Formalize Mercosur accession; Moody’s Warns about Key Canal Projects; Canal Advances Prequalification for New Terminals and Gas Pipeline.

Friday, November 28, 2025. Giving Thanks, Always With Thanksgiving now in the rearview, we’re reminded that gratitude is not meant to be confined to a holiday, it is meant to be lived every day as a discipline of the mind. The Stoics taught that the quality of our lives depends less on what happens around us and more on the lens through which we choose to interpret those events. Gratitude sharpens that lens. It roots us in the present moment and reveals value in places we often overlook. The holiday gives us a pause, a chance to acknowledge blessings that are easy to ignore in the rush of our daily responsibilities. But the deepest form of appreciation isn’t found around a dinner table; it rises quietly in the small, unremarkable moments we tend to dismiss: the morning light through a window, a simple meal shared, a conversation that brings clarity, the presence of those who stand with us through both triumph and hardship. Marcus Aurelius reminded himself each morning that he would meet challenges, frustrations, and difficult people, yet still be grateful, because each difficulty was an opportunity to practice virtue. Seneca wrote that no man becomes wise by accident; wisdom is shaped by what we choose to notice and how we choose to respond. Gratitude, practiced daily, is one of the most powerful responses available to us. It turns ordinary days into meaningful ones. It teaches us resilience by shifting our focus from what is missing to what remains. And in a world that moves fast, often too fast, gratitude is a way of slowing the internal noise. It aligns us with what truly matters, cutting through distraction and excess. It strengthens our inner foundation, allowing us to lead with calmness instead of urgency, awareness instead of impulse, and purpose instead of reaction. As we move through the season ahead, it’s worth remembering that the most important parts of life rarely come with ceremony. They reveal themselves in moments so quiet they’re easy to miss. When we train our minds to seek them out, we not only become more centered, we become more present for the people who depend on us, more grounded in our work, and more capable of meeting each day with clarity and strength. Thanksgiving may be behind us, but its lesson remains: gratitude isn’t an event. It’s a way of living. Brett Mikkelson Director, B.M. Investigations, Inc. – Private Investigations in Panama TOP NEWS and TIDBITS: Panama Canal Prepares Prequalification for New Port Terminals and Advances in Gas Pipeline Process Panama Canal Administrator Ricaurte Vásquez indicated that the entity “wants to carry out the prequalification at the end of December, or possibly in January,” for the new port terminals the Canal administration plans to develop. The details known so far indicate that the project includes the development of two terminals in Corozal and Telfers, with a combined capacity of nearly 5 million TEUs per year and an estimated investment of US$2.6 billion. The award is expected by the end of 2026, with operations beginning in early 2029, and only companies that prequalify will be able to continue in the process. “As fast as that. This window of opportunity will not be open for long,” he warned during his presentation at the monthly luncheon of the Panamanian Association of Business Executives (APEDE). The objective is to expand transshipment capacity, strengthen Panama’s position as an intermodal hub, and respond to the reality that the interoceanic area is currently operating at its limit. The proposal also incorporates specialized infrastructure criteria and progressive environmental standards. “We need to begin a process of individual conversations… we will begin the individual conversations next week (Monday),” he noted. The Canal held the first meeting of the process on October 27, during which port operators and shipping lines were invited to provide feedback on the initiative. Nineteen companies with experience in container port operations and liner shipping participated. Among them were APM Terminals, Cosco Shipping Ports, CMA Terminals, DP World, Hanseatic Global Terminals, MOL, PSA International, SSA Marine–Grupo Carrix, and Terminal Investment Limited; as well as representatives from CMA CGM, ONE, Evergreen, Hapag Lloyd, HMM, Maersk Line, MSC, OOCL, COSCO, Yang Ming, Port of Houston, and ZIM. The Canal has capacity“In fact, the Panama Canal has the capacity for up to four terminals: two on the east bank—Corozal and Telfer—and two on the west bank, including Sherman and Velásquez,” the administrator explained. When asked about the participation of Chinese companies, the administrator reminded that the legal framework requires the process to remain open. “The principle is that, under the neutrality treaty, we must be open to the participation of all interested parties,” he said when questioned about whether companies from that country would be included. He explained that starting next week, they will hold meetings with all companies that expressed interest during the presentation held in October. The administrator reiterated that all assets developed under this scheme will be owned by the Panama Canal and therefore protected by the neutrality treaty. Gas Pipeline Regarding the gas pipeline, Vásquez explained that they are currently in a round of meetings with interested companies. “At this moment, we are holding virtual meetings with interested parties. Remember that 45 companies attended the presentation held in Panama on September 18. We had in-person meetings in Houston last week, and the rest of the meetings will be held via teleconference from Monday through Thursday,” he detailed. He added that these meetings “should conclude this week” concerning the gas pipeline. Regarding the current level of interest, he noted that “there are 17 entities that are in discussions with us in this first stage,” during which information is analyzed, along with possible volumes and long-term contracts needed to support financing. Vásquez made it clear that the Canal will seek to limit its financial risk in this project. “In this type of project, the Panama Canal will not risk its assets. It will be financed; we will make a capital contribution,