The construction of a transshipment port in Panama’s Corozal region was approved this week by the Panama Canal Board of Directors.
The port will have the capacity to handle more than five million TEUs within a 120-hectare area at the Canal’s entrance to the Pacific.
;Advancing the terminal in the Corozal region is a priority," said Panama Canal CEO Jorge Luis Quijano. "It is part of the Panama Canal’s goal to explore and develop areas, products and services that are close to our core business, and that add substantial value to our customers as a one-stop gateway with multiple services.”
The project’s first phase will include 1,350 linear meters of docks, three docking positions for Post-Panamax ships, and an approximate handling capacity of three million TEUs. Currently, the Pacific side has an estimated capacity of five million TEUs. With the Expanded Canal, demand on the Pacific side is expected to reach six million TEUs and by 2020, eight million TEU capacity.
The new port terminal will also include the construction of port facilities capable of handling Post-Panamax vessels. With a terminal of 16.3-meter-deep access canal and a depth of 18 meters along the dock, the new facility will provide docking facilities for five Post-Panamax ships.
“This new facility will result in a significant increase in inter-oceanic cargo traffic, enabling the Canal to add value to the route and customers, consolidate Panama’s position as an international logistics and maritime hub,” added Quijano.
According to the Canal Administrator, the port may well increase Canal tonnage, given the close linkage between the Canal and the new port.