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Logo Central America Link

New Panamanian port

Monday, November 16, 2015

The prospect of operating a transshipment port on the region’s west coast is drawing attention to Corozal, located at the Pacific entrance of the Panama Canal.

Various issues still have to worked out, including whether or not a new port would have the same tax benefits as existing facilities, one at each end of the canal.

In addition, the port’s location close to the existing canal could affect traffic.

Meanwhile, 11 companies have expressed interest in developing and operating a Corozal port, which could be a link between traffic in the expanded canal and ports on the Pacific Ocean, between Mexico and Colombia

The Panamanian government earlier this month announced that it would invite bids for the project, once the new canal starts operation next April.

Traffic to the region is expected to build, following the opening of the expanded canal, which will accommodate ships capable of carrying up to 13.000 twenty-foot-equivalent (TEU) containers.

Currently, ships carrying more than 5.000 TEUs between Asia and the east coast of the United States must use the Suez route

With a facility in Corozal, Asian and other ships could unload cargo, which smaller vessels would deliver to Pacific ports in the region.

Companies which have expressed interest in a Corozal project include the following:

APM Terminals (Netherlands)

Carrix Inc. (USA)

China Harbour Engineering (China)

CMA-CGM (France)

Evergreen International

EUROGATE Container Terminal

Hamburger Hafen und Logistik

Hyundai Engineering (Korea)

Panama Ports Company (Hong Kong)

Ports America

Terminal Investment Limited

APM this year started to build a new container facility in Costa Rica’s Limon port, which could be a transshipment facility in the Caribbean basin.

The port, which is expected to start operations in 2018, is a concession, which APM will operate until 2048, with an initial investment of $500 million.