The proposal is to extend by 20 years the concession of the container terminal at Puerto Coco Solo to Colon Container Company, which plans to invest $90 million in its expansion.
From a statement issued by the Presidency of Panama:
The new 340 meters quay that the concessionaire Colon Container Terminal has started to operate has capacity to accommodate up to 22 rows of vessels.
The dock required an investment of $150 million and has increased port capacity by 500 thousand TEUs, bringing the total capacity of the port to 2 million TEUs.
The Taiwanese Container Terminal in Colon has asked the Panamanian government to expand the concession for its container yard.
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.