Operators Queueing up for Panama's Corozal Port

Ships queueing to enter the Panama Canal

Published Nov 12, 2015 5:39 PM by The Maritime Executive

On Tuesday, the Panama Canal Authority announced that a total of 11 of the world’s largest port operators have formally expressed interest to participate in a public bidding for the Port of Corozal.

The port, which will be located at the entrance to the canal on the Pacific side of the canal, will play a major role in the development of Panama as the logistic hub of Latin America.

The following companies have shown interest:

Terminal Investment Limited (Holland)
EUROGATE Container Terminal Wilhelmshaven (Germany)
Carrix, Inc. and affiliates (Manzanillo) (USA)
Hyundai Engineering & Construction (Korea)
APM Terminals (Holland)
Ports America (U.S.)
CMA-CGM Group (France)
Evergreen International (Taiwan)
China Shipping Ports Development and China Harbour Engineering (China)
Hamburger Hafen und Logistik (Germany)
Panama Ports Company (China)

Panama’s bordering countries, Colombia and Costa Rica, have been making significant investments in nearby ports to take advantage of the traffic and demand that will be generated from the operation of the expanded canal.

“We are thrilled at the sizeable interest we have received so far,” said Panama Canal Administrator/CEO Jorge L. Quijano. “It further demonstrates the demand that exists for service on the Pacific Coast of Panama, a demand which will only grow with the opening of the expanded Canal in 2016.”

Following the close of the 2015 fiscal year, the Panama Canal Authority announced in October that it has set a new historical tonnage record, welcoming 340.8 million Panama Canal tons through the Canal. The spike represents a year-on-year increase of 4.3 percent.

Container ships registered the most total tonnage, followed by dry bulk, liquid bulk and car carriers. Seven new liner services were introduced in January of this year which also contributed to the increase in cargo passing through the Canal: five in the U.S. East Coast-Asia route, one U.S. West Coast-Europe route, and another one on the North-South route.

In addition, the car carrier segment recorded an increase of 5.2 percent as a result of exports from Mexico's West Coast destined to the U.S. East Coast.