Notarc Management Group (NMG), a Latin American-focused private investment and asset management firm, has announced the acquisition of the concession and plans for the completion of the $1.4Bn- Panama Canal Container Port (PCCP) located on the Atlantic entrance of the waterway.
NMG is partnering with Terminal Investment Limited (TIL), an affiliate of the largest shipping line in the world, Mediterranean Shipping Company. who will also undertake management and oversee operations of the modernised transhipment facility that is expected to handle 2.5M teus in its initial years and grow to a capacity of 5M teus.
The project is slated to resume construction by the fourth quarter of 2022.
The concession, which was awarded in 2016 to China’s Landbridge Group and its partners, called for the construction of a 2.5m teu container terminal, designed by the Beijing-based Port Design Institute and built by China Harbour Engineering Company (CHEEC). The Shandong Group was also interested in the development of liquefied natural gas (LNG) facilities or other energy projects.
Notarc last year launched its Panama Development Fund (PDF) and has led significant investments across the Caribbean and Latin America over several decades. “This is our first major port initiative in Panama and sets the stage for other key investment opportunities we are pursuing across the region,” noted Leslie C. Bethel, CEO Notarc Management Group.
“We are delighted to be here for this special occasion and to commit to the partnership with Notarc, the Panamanian Government and, most importantly, the people of Panama…We are also grateful to Notarc for allowing us to bring our global operational expertise to this development as we continue to expand our footprint in the Americas,” noted Ammar Kannan, CEO, Terminal Investments Limited.
“Panama is an ideal gateway hub in the Americas and the World. This acquisition is a strategic opportunity for us to further develop and integrate a regional logistics platform while investing in assets which are synergistic to our investment model and where innovation and location offer an incomparable business footprint in the region,” said Dion L. Bowe, Managing Partner of NMG Latin America and the newly appointed CEO of PCCP.
In addition to the transshipment port, Notarc has entered into a memorandum of understanding with U.S.-based SGP BioEnergy (SGP) to construct and develop a major bioenergy facility and other logistics infrastructure at the Colon project. “SGP is excited to join Notarc in the development of these transformational projects for Panama and the region. This project led by Notarc is well positioned to capitalize on its unique logistics position and alliance with SGP in the global energy transition,” said Randy Delbert Letang, CEO of SGP BioEnergy.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
|Add Seatrade Maritime News to your Google News feed.