PSA Panama Terminal Expansion Begins
- Business & Finance
PSA Panama International Terminal (PSA Panama) held a groundbreaking ceremony two days ago to commemorate the expansion works for Phase 2 of its container terminal located on the west bank of the Panama Canal.
The ceremony was graced by the President of Panama His Excellency Juan Carlos Varela, Mr Jorge Barakat, Administrator of the Panama Maritime Authority (AMP) and concurrently Minister of Maritime Affairs, Mr Jorge Quijano, Administrator of the Panama Canal Authority (ACP), key members of the government, PSA management, customers, partners and stakeholders.
“The Government of the Republic of Panama will continue to work closely with PSA Panama International Terminal and we are sure that when the expansion of the container terminal ends, our country will have state of the art facilities to serve container ships with a capacity of 18,000 containers (TEU),” the President of Panama said.
The terminal expansion, which was approved by the National Assembly, ACP, AMP and the Panamanian State earlier, is targeted to be completed and the terminal made ready for operations before the end of 2016, in conjunction with the commercial opening of the expanded Panama Canal.
PSA Panama will have an annual handling capacity of 2.0 million Twenty-foot Equivalent Units of containers (TEUs) upon completion and be equipped with 11 quay cranes with a maximum outreach of 24 rows, and over 1.1 km of berth to serve the shipping lines that are expected to call on the port.