The new port in Corozal will have the capacity to handle more than five million twenty-foot equivalent unit (TEUs) within a 120ha area at the Canal’s entrance to the Pacific. The project is now awaiting final approval from Panama’s National Assembly, which is expected to review the bill in the coming days. If approved, the Panama Canal will issue a call for bids to find a company that will be responsible for all stages of the project. The contract will, most likely, consist of a 20-year concession, renewable once for 20 years.

The two-phased port project will include the construction of 2,081m-long of docks, a container yard, offices and warehouse facilities within the site, which is owned by the Panama Canal.

The project’s first phase will include 1,350m of docks, three docking positions for Post-Panamax ships, and an approximate handling capacity of three million TEUs. Currently, the Pacific side of the Canal has an estimated capacity of five million TEUs but the expansion project under way is expected to see demand there reach eight million TEU by 2020.

The new port terminal will also include the construction of port facilities capable of handling Post-Panamax vessels. With a terminal of 16.3-meter-deep access canal and a depth of 18 meters along the dock, the new facility will provide docking facilities for five Post-Panamax ships.

“Advancing the terminal in the Corozal region is a priority,” said Panama Canal administrator and CEO Jorge Luis Quijano. “It is part of the Panama Canal’s goal to explore and develop areas, products and services that are close to our core business, and that add substantial value to our customers as a one-stop gateway with multiple services. This new facility will result in a significant increase in inter-oceanic cargo traffic, enabling the Canal to add value to the route and customers, consolidate Panama’s position as an international logistics and maritime hub.