Development of a New Port in Corozal Receives Approval

Published Date : Jan 07, 2015

The construction of a new port in Corozal has received approval from the directors of the Panama Canal. The port is expected to have a capacity for handling twenty-foot equivalent unit of almost five million within an area of 120 hectares situated at that point of the canal which opens out to the Pacific. The final approval is yet to be received by the project from Panama’s National Assembly. This body will be reviewing and revising the bill in the upcoming days. 

Once the approval is received, the Panama Canal will be issuing a call for bids to come across companies that will take the responsibility for each and every stage of the project. Most probably, the contract will be consisting of a twenty year concession that can be renewed every two decades. This project consists of two phases which includes the construction of 2081 meter long docks, warehouses and offices, and a container yard which will be owned by the Panama Canal. 

The first phase of the project will include 1350 meter long docks, an estimated handling capacity of three million twenty foot equivalent units, and three positions for docking for Post-Panamax ships. At present, the Pacific side of the Canal has an approximate capacity of about five million twenty foot equivalent units. However, the expansion project that is in the pipeline is expected to witness a demand of almost eight million twenty foot equivalent units by the year 2020. 

The latest port terminal will also be including the development of port facilities that have the capacity to handle Post-Panamax vessels. A terminal with a depth of 18 meters and a 16.3 meter deep access canal the new port facility will be providing facilities for docking for about five Post-Panamax ships.