Corozal fills shortfall

He noted that, despite the advantage of the canal, Panama had competitors in ports such as Buenaventura and Cartagena, in Colombia.

He added that the new port as Corozal “is critical to maintain the leadership in port services that Panama enjoys in the region” and that Panama was “somewhat short in the provision of logistics services in the Pacific”.

Bids for the construction of Corozal port have now been received. In November, the Panama Canal Authority (ACP) revealed that a total of 11 companies had indicated their interest in the project and it was hoped that at least four of these would enter a final bid to ensure that sufficient competition would be available.

Now, a period of discussions will be undertaken with the bidders and an award made in August.

At least three global terminal operating groups are known to have bid, all of which are linked to shipping lines.

Corozal, whose construction costs will amount to $600m, will be built with a 5m teu capacity and should take two years to become operational.