{"id":7204,"date":"2014-12-30T14:16:27","date_gmt":"2014-12-30T14:16:27","guid":{"rendered":"https:\/\/pancanal.com\/en\/?p=7204"},"modified":"2021-09-10T06:39:12","modified_gmt":"2021-09-10T06:39:12","slug":"panama-canal-board-of-directors-approves-development-of-new-port","status":"publish","type":"post","link":"https:\/\/pancanal.com\/en\/panama-canal-board-of-directors-approves-development-of-new-port\/","title":{"rendered":"Panama Canal Board of Directors Approves Development of New Port"},"content":{"rendered":"<ul>\n<li><em>State-of-The-Art Facility in Corozal Receives Green Light from Canal\u2019s Board of Directors<\/em><\/li>\n<li><em>Reinforces Panama Canal\u2019s Continual Commitment to Introduce New Products and Services<\/em><\/li>\n<li><em>For one-minute video detailing how the project will be conducted, please visit the Panama Canal\u2019s YouTube page by following this\u00a0<a href=\"http:\/\/youtu.be\/Ylk5zKhihso\" data-rel=\"lightbox-video-0\">link<\/a>.<\/em><\/li>\n<\/ul>\n<p><strong>PANAMA CITY, Panama, December 30, 2014\u2013\u00a0<\/strong>The Panama Canal Board of Directors this week formally approved the development and construction of a transshipment port in Panama\u2019s Corozal region. Upon completion, the port will have the capacity to handle more than five million TEUs within a 120-hectare area at the Canal\u2019s entrance to the Pacific. The project is now awaiting the final step for approval from Panama\u2019s National Assembly.<\/p>\n<p>The project is another example of the Canal\u2019s continual commitment to develop new products, enhancing customer service and furthering Panama\u2019s position as the logistics and maritime hub of the Americas. The two-phased port project will include the construction of a 2,081-linear-meter-dock, a container yard, offices and warehouse facilities within a 120-hectare area owned by the Panama Canal.<\/p>\n<p>The project\u2019s first phase will include 1,350 linear meters of docks, three docking positions for Post-Panamax ships, and an approximate handling capacity of three million TEUs. Currently, the Pacific side has an estimated capacity of five million TEUs. With the Expanded Canal, demand on the Pacific side is expected to reach six million TEUs and by 2020, eight million TEU capacity.<\/p>\n<p>The National Assembly is expected to review the bill in the coming days. If approved, the Panama Canal will move forward with the development and tender process. The project is expected to create hundreds of new jobs during its construction phase, boosting the local economy. The Panama Canal will issue a call for bids to hire a company that will be responsible for all stages of the project. The contract will, most likely, consist of a 20-year concession, renewable once for 20 years.<\/p>\n<p>\u201cAdvancing the terminal in the Corozal region is a priority. It is part of the Panama Canal\u2019s goal to explore and develop areas, products and services that are close to our core business, and that add substantial value to our customers as a one-stop gateway with multiple services,\u201d stated Panama Canal Administrator\/CEO Jorge Luis Quijano.<\/p>\n<p><a title=\"\" href=\"https:\/\/www.pancanal.com\/eng\/pr\/press-releases\/images\/537\/537-01-lg.jpg\" rel=\"lightbox\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\"><img decoding=\"async\" class=\"border aligncenter\" title=\"Photo courtesy of ACP\" src=\"https:\/\/www.pancanal.com\/eng\/pr\/press-releases\/images\/537\/537-01-sm.jpg\" align=\"center\" \/><\/a><\/p>\n<p>Currently, the Panama Canal is exploring several other projects in line with this objective. The advancements in the Corozal port represent great progress.<\/p>\n<p>The new port terminal will also include the construction of port facilities capable of handling Post-Panamax vessels. With a terminal of 16.3-meter-deep access canal and a depth of 18 meters along the dock, the new facility will provide docking facilities for five Post-Panamax ships.<\/p>\n<p>\u201cThis 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\u2019s position as an international logistics and maritime hub,\u201d added Quijano.<\/p>\n<p>According to the Canal Administrator, the port may well increase Canal tonnage, given the close linkage between the Canal and the new port.<\/p>\n<p>For more information and a video detailing how the project will be conducted, please visit the Panama Canal\u2019s YouTube page by following this\u00a0<a href=\"http:\/\/youtu.be\/Ylk5zKhihso\" data-rel=\"lightbox-video-0\">link<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>State-of-The-Art Facility in Corozal Receives Green Light from Canal\u2019s Board of Directors Reinforces Panama Canal\u2019s Continual Commitment to Introduce New Products and Services For one-minute video detailing how the project will be conducted, please visit the Panama Canal\u2019s YouTube page by following this\u00a0link. PANAMA CITY, Panama, December 30, 2014\u2013\u00a0The Panama Canal Board of Directors this &hellip; <a href=\"https:\/\/pancanal.com\/en\/panama-canal-board-of-directors-approves-development-of-new-port\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Panama Canal Board of Directors Approves Development of New Port&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[50],"class_list":["post-7204","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-image"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Panama Canal Board of Directors Approves Development of New Port - Autoridad del Canal de Panam\u00e1<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pancanal.com\/en\/panama-canal-board-of-directors-approves-development-of-new-port\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Panama Canal Board of Directors Approves Development of New Port - Autoridad del Canal de Panam\u00e1\" \/>\n<meta property=\"og:description\" content=\"State-of-The-Art Facility in Corozal Receives Green Light from Canal\u2019s Board of Directors Reinforces Panama Canal\u2019s Continual Commitment to Introduce New Products and Services For one-minute video detailing how the project will be conducted, please visit the Panama Canal\u2019s YouTube page by following this\u00a0link. 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