High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
The Panama Canal Authority (ACP) has issued a Request For Proposals (RFP) to four pre-qualified port operators selected to compete for the concession to design, develop, finance, construct, operate and maintain a 5 million TEU per year container terminal located near Corozal, in the Pacific entrance of the Panama Canal.
The ACP says the Corozal Container Terminal is an important part of the Panama Canal Diversification Strategy by providing additional port capacity on the Pacific side of Panama in order to support the transshipment needs of the larger vessels going through the Expanded Panama Canal.
Upon completion, the container terminal will have the capacity to handle more than five million TEUs at the Canal’s entrance in the Pacific side. The two-phased project will include the construction of a 2,081-linear-meter-dock, a container yard, offices and warehouse facilities within a 120-hectare area owned by the Panama Canal.
Last year, the Panama Canal received interest from several international companies competing for the project, and in April 2016, the ACP selected the four pre-qualified companies able to bid: APM Terminals B.V. (The Netherlands); PSA International Pte., Ltd. (Singapore), Terminal Link (France); and Terminal Investment Limited, S.A. (The Netherlands).
The four port operators have until February 3, 2017 to submit the required specifications and economic proposals for the 20-year concession.
Earlier this month the Panama Canal Authority said the expanded Canal contributed more than 5% of revenue during FY 2016, with 238 neopanamax ships totaling 18.2 million tons in the first three months of operations.
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