Panama Canal Authority plans to build two ports to enter the terminal business
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According to Bloomberg, the Panama Canal Authority is planning to build its own port on the Atlantic and Pacific coasts through open tenders to directly enter the port business.
Panama Canal Authority Director Ricaurte Vasquez said in an interview with foreign media on Monday (11th) that the two newly built ports will be owned by the bureau and may be operated by a third party. He mentioned that the canal will seek to use updated crane technology to compete with Colombia's more advanced port of Cartagena. He pointed out, “We are entering the game of the port dock.”
The Panama Canal Authority plans to have its own ports as part of its .5 billion capital expenditure plan over the next seven years, including the construction of liquefied petroleum gas (LPG) pipelines, new reservoirs, roads and highways, and both newly built ports will be connected to the liquefied petroleum gas pipeline.
Panamanian President Jose Raul Mulino said the Panamanian government will draft a national maritime logistics strategy to determine a new framework for Panamanian port operations.
