AMP Approves New Container Terminal

press release
Tuesday, May 08, 2012

Panama Maritime Authority Approves New Container Shipping Terminal; Panama Colón Container Port designed to complement newly expanded Panama Canal and rising cargo volumes in Panama.

The Panama Maritime Authority (AMP) has granted permits to a private development group for the construction and operation of a new container terminal to be built at the Atlantic entrance of the Panama Canal. Jones Lang LaSalle is acting as development advisor to the project consortium. With an estimated construction value exceeding $USD 600 million, the Panama Colón Container Port (PCCP) is expected to become one of the largest private maritime infrastructure projects in Panama, and the first terminal to be built on freehold land.

 
The Panama Canal is undergoing a  $USD 5.2 billion expansion to allow greater traffic flow and to accommodate the next generation of “Super Post-Panamax” vessels, named because they exceed the size limitations of the existing canal system.  However, numerous ports along the U.S. Eastern and Gulf coasts, South America and the Caribbean do not have the capacity to receive the larger ships.  PCCP is designed to address this, so that Super Post-Panamax and other vessels can transit via the new locks, and transfer their cargo at the new PCCP terminal to and from smaller container ships capable of serving the existing ports of call.
 

“Transshipment terminals will have a significant impact on the new Panama Canal era,” said John Carver, Head of Jones Lang LaSalle’s Ports Airports and Global Infrastructure (PAGI) group.   “Too many seaports do not currently, and may never, have the harbor depth required to take advantage of the trend towards Post and Super-Post Panamax vessels.  PCCP is the first terminal to be engineered specifically for the expanded Panama Canal and will provide a critical new link in the global supply chain, further enhancing Panama’s already strategic designation as one of the world’s primary global transshipment hubs.”
 

Set to break ground in summer 2012, the 4-berth terminal will be capable of handling container vessels up to 18,000 TEUs (twenty-foot equivalent units) and is designed to handle 2 million TEUs in initial throughput with future expansion capability thereafter and offers unique complementary warehousing and logistics facilities.  PCCP will complete in conjunction with the opening of the Panama Canal’s “Third Set of Locks” expansion project in late 2014.
 

Jones Lang LaSalle’s Project Development Services group will soon begin to administer the bid tender process for the initial dredging and related marine construction elements.  “We expect transshipment terminals such as PCCP to play an integral role in the long-term success of the Panama Canal,” said Ricardo Quijano, Panama`s Minister of Commerce and Industry.  “For such a large infrastructure project to be achievable by the private sector is a testament to Panama’s concerted efforts over many years to create a stable and transparent operating environment.” 


“As a global maritime hub, Panama will continue to make every effort to ensure that industry participants who locate here can enhance their strategic advantages and continue to prosper despite highly competitive global markets.  We applaud the efforts of Jones Lang LaSalle and the private sector in working to bring this project to fruition,” he added. As development advisor to the project consortium, Jones Lang LaSalle has gained significant interest from terminal operators and expects PCCP to announce its selected operator later this year.  Carver added, “Clearly, transshipment traffic in Panama, and particularly on the Atlantic side of the Canal, is facing long term capacity constraints.  Despite global economic uncertainties, container volumes in Panama have continued to grow at impressive rates and, after 2014, we expect this growth to accelerate further.”


“Our discussions with market participants clearly point to the need for a new terminal such as PCCP which is uniquely capable of providing significant blocks of new capacity to the Atlantic transshipment market, together with a variety of integrated logistics, warehousing, and value-added processing facilities,” he concluded.
 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Former MSC Manager Sentenced on Bribes Charges

Former Afloat Programs Manager at the United States Navy Military Sealift Command (MSC), Kenny E. Toy, was sentenced to 96 months in prison for receiving bribes, the U.

Vale Profit Falls Amidst Record Output

Brazilian miner Vale SA posted a sharp decline in profit from the previous quarter as lower iron ore prices undermined record production of the steel-making ingredient.

Kurdish Crude Lightered, Destination Unknown

Part of a Kurdish oil cargo has been offloaded from a Greek-managed tanker into another tanker in the South China Sea, but mystery surrounds the identity of the

Ports

Redwood City Sees Cargo Movement Boost

Port of Redwood City reports 19% increase in cargo movement; highest since 2006 and third highest in modern history Reflecting a significant increase in construction

Montreal Could Become an Oil Export Hub

Montreal has emerged as an export base for Western Canadian heavy sour crudes as prospects to construct new pipelines to the British Columbia coast, Eastern Canada and U.

Fifth Tanker of Iraqi Kurdish Oil Loading in Turkey

The fifth cargo of crude oil from Iraqi Kurdistan was being loaded at Turkey's Mediterranean port of Ceyhan on Thursday and the tanker was scheduled to depart on Friday, Turkish energy officials said.

Finance

Kurdistan Says Crude Cargo Near Texas Legally Sold

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday,

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

UK Oil Imports Exceed Exports for First Time in 30 Years

Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to

Container Ships

Redwood City Sees Cargo Movement Boost

Port of Redwood City reports 19% increase in cargo movement; highest since 2006 and third highest in modern history Reflecting a significant increase in construction

Hamburg Süd Opens Office in Nanjing

On August 1, Hamburg Süd will open an office in Nanjing, China, to be headed by general manager Steven Pu. Hamburg Süd now operates from 20 locations in Greater China.

Kenya's Mombasa Port Traffic Up 13% in H1

Container traffic through Kenya's biggest port grew by 12.8 percent in the first six months of the year after new cargo handling infrastructure was built to shorten the turnaround time for ships.

Logistics

Kurdistan Says Crude Cargo Near Texas Legally Sold

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday,

Redwood City Sees Cargo Movement Boost

Port of Redwood City reports 19% increase in cargo movement; highest since 2006 and third highest in modern history Reflecting a significant increase in construction

UK Oil Imports Exceed Exports for First Time in 30 Years

Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1320 sec (8 req/sec)