The Panama Canal Authority (ACP) has begun the tender process for a new port on the canal’s Pacific side.
It has issued a request for qualifications (RFQ) for companies interested in competing to design, develop, finance, construct, operate and maintain the Corozal container Terminal.
The decision by the ACP to authorise the RFQ follows confirmation that 13 of the world's largest port operators have formally expressed an interest to develop and operate the Corozal Port.
"What we've seen confirms the strong demand existing for the Canal and the need for greater port capacity on its Pacific side," said Panama Canal administrator Jorge Quijano. "We're eager to advance the development of the Port and will ensure the concession is delivered through a transparent and participatory bidding process to bring the best performance possible to the Canal and, therefore, the country."
The Corozal Container Terminal will be located at the Pacific entrance of the waterway. The final decision to develop the container terminal was made based on more than two years of studies and simulations to ensure the project's financial and operational viability.