Panama: investments of US $1.5 billion to double port capacity

Investments of over US $1.50 billion in Panama's ports over the next eight years will more than double the country's port capacity, the ministry of commerce (Mici) announced in a statement.

Such investments include over US $200 million set aside for expansions to the northern Atlantic port of Balboa by the Panama Ports Company, a subsidiary of Hong Kong's Hutchison Port Holdings, Mici spokesperson Javier Castillo told BNamericas.

The three phases of Balboa's expansion include the purchasing of new cranes, extending its deepwater shoreline from 350m to 1,500m, expansion of its container storage space from 8.4ha to 50ha, and the addition of nine post-Panamax cranes, bringing the port's total to 12, according to the Hutchison website.

Apart from the US $1.50 billion, Panama will also receive investment from Singapore port operator PSA to build a new container terminal at Rodman port, said Castillo.

Mici announced on February 12 PSA's intention to invest in the port, and the company will make their own announcement, which will include project investment and other details, in the next few days, Castillo said.

To build the new terminal, PSA must reach an agreement with private port operator Pimsa, which is currently operating the port's marine industrial park, according to previous reports.

Eventual Rodman port operations will not interfere with national port authority AMP's US $600 million project to develop a new container port on 300ha in the Farfán area, also on the Pacific side of the Panama Canal.

Source: bnamericas.com