NORTH AMERICA

Panama megaport plans move on

21 years ago

The US$1bn megaport in Panama is already proving a source of controversy at the planning stage. Of the ten leading container terminal operators who met in Panama at the end of November to hear the details of the ambitious plan, almost all balked at the huge cost. However, the prime location of the port – at the Pacific entrance to the Panama Canal – is almost guaranteed to bring most of the top ten around to the idea. Proposals will be requested in January, and the expectation is that most of these major operators will submit theirs, not wanting to see the opportunity go to competitors. Those surveying the plans included HPH, APM Terminals, PSA Corp, P& O Ports, SSA Marine and DP World.

This will require investment of $95.65m up to 2006 and will make it possible to boost exports by $10 billion.

Five different versions of the Panama project have been analysed by port consultants, with the largest costing US$671.6m to develop and creating a facility with an annual capacity of 7.5m TEUs.

One other version would cost around US$50m less and provide 4.6m TEUs annually. Concession details are to be made available in January with the concession due to be allocated by July. The project is due for completion in three years’ time.