PANAMA: The Panama Canal Authority has announced plans to build a 120-hectare transshipment facility at the Canal's entrance to the Pacific at Corozal. When complete the new box port will be able to handle more than five million TEUs per annum.
The two-phased port project will include the construction of a 2,081-linear-meter-dock, a container yard, offices and warehouse facilities. The project's first phase will include 1,350 meters of docks, three docking positions for Post-Panamax ships, and handling for three million TEUs. Following the opening of an expanded Canal, demand at the Pacific end is expected to reach eight million TEUs by 2020.
"Advancing the terminal in the Corozal region is a priority. 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," said Panama Canal CEO Jorge Luis Quijano.
With a terminal of 16.3-meter-deep access canal and a depth of 18 meters along the dock, the Corozal port will eventually 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.