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Chinese investment for new terminal in Panama

Chinese investment for new terminal in Panama
The Panama Maritime Authority (AMP) has signed the concession of a new box terminal on the Atlantic side of the Panama Canal with the Chinese consortium Panama Colon Container Port (PCCP).

Kenneth Zhang, legal representative of PCCP, said the PCCP project, invested by Shandong Landbridge Group and its partners, consists of two parts: the construction of a up to 2.5m teu box terminal and the additional private lands with multipurpose possibilities, including LNG facilities or energy projects. The construction of the terminal will be executed by the Chinese giant CCCC Group and the design of the piers by Beijing-based Port Design Institute (PDI).

PCCP project is “the first fresh investment from Beijing in Panama,” said Zhang. Hong Kong-based Hutchison had won the concession of the terminals of Balboa and Cristobal in 1997 that are administrated by Hutchison subsidiary Panama Ports Co.

Panama Colon Container Port box terminal will feature four berths with a total quay line of 1,200 metres with a draught of 18 metres and capacity of up to 2.5m teu, in several phases.

“We look at the project on long term and we feel pretty good with the investment,” said Zhang. “With the canal expansion, the future of Panama is bright, even though we know the maritime sector presently suffers a global crisis but we have a different reading for the future.

“It will be the first terminal [in Panama] designed for new post-panamax vessels and PDI has a good experience for it,” Zhang added.