Mediterranean Shipping Company (MSC) is to partner with Notarc Management Group to takeover the project to establish a major new container terminal in the port of Colon situated 6.5km from the North (Atlantic) Entrance to the Panama Canal.
The concession was originally awarded to a consortium of Chinese companies, led by Landbridge Group, which committed to invest US$900 million in the new terminal. The concession was cancelled in June 2021 after a review by the Panama Maritime Authority which identified the consortium was in default with the terms of its contract.
The terminal is currently 40 per cent complete - MSC and Notarc will commence the remaining development works in the fourth quarter of this year.
Notarc Management Group is a global advisory, investment and management consulting company with a subsidiary in Panama.
