Panama Canal Expansion Plans
The Panama Canal plans to build two ports, Corozal and Telfers, by 2029, with a budget of $2.6 billion, to increase container-handling capacity.
- Corozal port: Pacific side
- Telfers port: Atlantic side
- Current capacity: 9.5 million TEUs per year
- Projected capacity: 15 million TEUs per year
"We think that if it isn’t done here in Panama, it will happen elsewhere in the region, and we have to decide whether we want to stay competitive," - Víctor Vial, Vice President of Finance at the Panama Canal Authority (ACP)
The project's announcement comes amid uncertainty over the future of Hutchison Holdings, the Hong Kong-based concessionaire.
Author's summary: Panama Canal to expand capacity by building two ports by 2029.