In an effort to boost traffic after the completion of the expanded Panama Canal, the Panama Canal Authority (ACP) has agreed to build a new transhipment port in Corozal, Belize.
According to the Journal of Commerce, the Panamanian government and ACP’s board of directors approved the project formally on December 30, 2014.
However, in order for bids to be opened, and for design and construction work to commence, the National Assembly must pass their agreement.
The approved Corozal terminal project is anticipated to have an estimated depth of 18.2m and an access channel of 16.4m.
The terminal will seek to provide docking facilities for five Post-Panamax ships simultaneously and have the capacity to handle more than five million TEU annually within a 296-acre area.
Panama Canal Administrator Jorge Luis Quijano said: “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.
“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.”
A 20-year concession is likely to be allocated for the project, which will be renewable once for an additional 20 years.
New Panama Canal Port Seals Approval. (Source: Daily Mail)