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Panama Investors Can Start $600M Big Ship Port

COLON, PANAMA-The container port, to be built here on the Atlantic side of the canal, will be able to take some pressure off of East Coast ports that aren’t yet ready to handle large ships.

By Robert Carr | Updated on May 08, 2012

COLON, PANAMA-A private development group, Panama Colon Container Port LLC, has received permits from the Panama Maritime Authority to build a $600 million container terminal here on the Atlantic side of the country. The four-berth terminal will be able to hold up to 18,000-TEU vessels, expected to greatly increase in traffic because of the $5.2 billion Panama Canal widening effort.

The company, a consortium of shareholders from Panama, Canada and Asia, has hired Jones Lang LaSalle as development advisor for the terminal. John Carver, head of JLL’s Ports, Airports and Global Infrastructure group, tells GlobeSt.com that the terminal is needed because the East Coast ports now being refurbished to handle big ships won’t be ready by the 2014 completion of the canal’s “Third Locks” project.

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