New Container Port Will Be Built In Panama For $600 Million Dollars To Compliment Expansion of Panama Canal

Tuesday, May 08 2012 @ 04:15 PM UTC

Contributed by: Don Winner

The Panama Maritime Authority (AMP) issued permission to a development group to build a new container terminal at the Atlantic entrance of the Panama Canal. This initiative is to complement the project to expand the Panama Canal, to help manage the increasing volumes of cargo. The construction of the new terminal will cost more than $600 million dollars, which will be called the Panama Colon Container Terminal. This port wants to be one of the largest private marine infrastructure projects in Panama, and the first terminal to be built within the lands of the Colon Free Trade Zone.

The construction work is planned to start during the summer of 2012. This terminal will be capable of handling container ships up to 18,000 TEUs (twenty-foot equivalent units), designed to support more than 2 million TEUs in the initial performance, with future expansion capabilities and offers for additional storage facilities and logistics; and is expected to be completed and operational before the opening of the Panama Canal in late 2014.

The expansion of the Panama Canal at a cost of 5.2 billion dollars, is built to handle a large flow of traffic and to accommodate the next generation of ships "Super Post-Panamax" so named because they exceed the limitations size of the existing Canal. The ports on the West Coast, in the Gulf of Mexico in the United States, the East, South America and the Caribbean do not have the capacity to receive vessels of this size, and with this new port the problem will be solved.

John Carver, leader of the group of Aeropuertos, Puertos e Infraestructura Global (PAGI) of Jones Lang LaSalle, said the Transit Terminal will have a significant impact in the new era of the Panama Canal. This was the first terminal designed for the Canal expansion and will increase the strategic value of Panama as the primary global axis for shipping. The Grupo de Proyectos de Desarrollo of Jones Lang LaSalle will soon begin to manage the process of supply and marine dredging and construction elements. (Telemetro)

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