According to the Journal of Commerce, the Panama Canal Authority (ACP) has agreed to build a new transhipment port in Corozal, Belize.
The project was formally approved on December 30, 2014 and right now is awaiting final approval from Panama’s National Assembly, which is expected to review the bill in the coming days. If approved, the Panama Canal will issue a call for bids to find a company that will be responsible for all stages of the project.
The Corozal terminal project approved will have an estimated depth of 60 feet and an access channel of 54 feet. The terminal will seek to provide docking facilities for five Post-Panamax ships simultaneously and have the capacity to handle more than five million TEU annually within a 296-acre area.
“This new facility will result in a significant increase in inter-oceanic cargo traffic, enabling the canal to add value to the route and customers, consolidate Panama’s position as an international logistics and maritime hub”, saidCo Panama Canal Administrator Jorge Luis Quijano.
A 20-year concession is likely to be allocated for the project, which will be renewable once for an additional 20 years. The estimated cost and timing of the new terminal have not yet determined.