Colon Terminal in Panama seeks to double copacity
The Taiwanese Container Terminal in Colon has asked the Panamanian government to expand the concession for its container yard.
Wednesday, October 22, 2008
According to the proposal, the company would get 12 additional acres in concession to convert them into a container yard, thereby increasing current capacity of 700,00 to 1.5 million containers.
The proposal by International Container Terminal Services includes royalties of $19.50 per TEU and $624 million in investment in the first ten years of the concession.
A study revealed that an international tender to award a concession for the lease of 35 thousand square meters would have generated more income for the state.
The company paid the Panama Maritime Authority $11.3 million in advance for the right to use 12.3 hectares at Coco Solo.
After having signed a contract for leasing the land for 25 years, the Spanish company Terminales de Contenedores de Barcelona will invest $120 million in the project.
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