China’s Landbridge Group began construction of USD1.1 billion worth Panama Colón Container Port (PCCP) located in Isla Margarita, province of Colón, near the Caribbean entrance to the Panama Canal.
The first phase of the project, launched on Wednesday last week consists of the construction of docks and a container yard with a capacity of up to 2.5 million TEUs, in addition to the dredging and filling works.
Featuring three berths, the Colon container terminal will have a total quay line of 1,200 metres with a draught of 18 metres. As disclosed, two docks will have the capacity to receive Super Post-Panamax ships, while the third dock will be intended for Post Panamax and multipurpose vessels.
Hence, the project will result in construction of Panama’s first container terminal designed to handle Post-Panamax ships.
Jorge Barakat Pitty, Minister of Maritime Affairs and Administrator of the Panama Maritime Authority, said that “this project marks a historic milestone in the investment and commercial relationship between Panama and the People’s Republic of China.”
Construction work will be undertaken by China Communications Construction Company (CCCC).
The deal for the new terminal was signed in May, 2016 during a conference organized by the International Association of Port and Harbors (IAPH).