Panama Canal Expansion Plans
Panama Canal plans to build two ports, Corozal and Telfers, by 2029, increasing capacity from 9.5 million TEUs to 15 million.
The $2.6 billion project aims to boost container-handling capacity amid uncertainty over Hutchison Holdings' future.
"We think that if it isn’t done here in Panama, it will happen elsewhere in the region, and we have to decide whether we want to stay competitive,"
said Víctor Vial, Vice President of Finance at the Panama Canal Authority (ACP).
The project's announcement comes as the future of Balboa and Cristóbal ports, operated by Panama Ports, a Hutchison subsidiary, remains unclear.
Author's summary: Panama Canal to expand capacity by building two ports.