PSA Starts Expansion Work on 2m teu Panama Terminal
By Aiswarya Lakshmi
Tuesday, April 28, 2015
Singapore-based port operator PSA Panama International Terminal (PSA Panama) has started a USD 400 million expansion of its container terminal located on the west bank of the Panama Canal Pacific.
It has started on the expansion after being granted approval by the National Assembly, the Panama Canal Authority ACP, the Panama Maritime Authority and the Panamanian State.
The expansion is targeted to be ready for operations before the end of 2016, in conjunction with the commercial opening of the expanded Panama Canal.
The expansion will increase the capacity of the terminal from 450,000 to 2 million TEUs per year. The investment into civil works amounts to USD 285 million, while the value of equipment will be over USD 125 million.
“The approvals by the National Assembly and the Panama Canal Authority are important milestones for us,” said Alessandro Cassinelli, general manager, PSA Panama. “In the past two years we have worked closely with the authorities representing the Panamanian State on the design and development of the expansion of our container terminal with the purpose of having state-of-the-art infrastructure ready to serve container vessels with a capacity of up to 18,000 teu.”