The Maritime Port Authority is planning to build two docks for the auxiliary maritime services industry, one in the province of Colon and another in that of Panama.
Taking an old aspiration of the auxiliary maritime services sector, plans are underway for construction of docks on the Atlantic and Pacific coasts. This project had been previously discussed, but the areas chosed for its construction were not available at that time.
A resolution of the Maritime Authority of Panama forces maritime concessionaires to devote to social projects a percentage of the investment amount stated in the contract.
The Panama Maritime Authority (AMP) has adopted a resolution whereby companies who sign contracts for maritime concessions are obliged to pay a "... fee which the concessionaire must provide by way of supporting social projects of the AMP in the concession contracts .... "
As a hub of maritime services Singapore is winning the race against Panama, which in the past sold 60 million tons of bunker fuel but now only sells 20 million.
This represents a 40% decline in the 'bunkering' market in Panama, due to several factors, including lack of competitiveness in fuel prices not being oil producer.
The president of the Maritime Chamber of Panama, Juan Carlos Croston, told Panamaamerica.com.pa that "a few decades ago ... Panama was the world's leading supplier of bunker fuel, but today Singapore, thanks to the introduction of policies which promoted competitiveness, accounts for almost 40% of the market. "
The capacity of the canal terminal’s load will be expanded from 2.2 to 4 million TEUs and cranes and modern equipment will be installed.
Juan Carlos Croston, vice president of marketing for the Manzanillo International Terminal (MIT) stated that the modernization of the Canal terminal represents an investment of $300 million, and will increase the capacity from 2.2 to 4 million TEUs and will include the installation of cranes for post panamax boats.