Oct. 31 (UPI) -- The Panama Canal Authority plans to move forward with construction and subsequent concession of two new port terminals, with an estimated investment of $2.6 billion.
According to information released by the authority in a press release, the terminals are planned for two strategic areas along the canal, one on the Pacific coast in Corozal and the other on the Atlantic side at Telfers Island.
The goal of both projects is to expand container-handling capacity and strengthen Panama's position as an interoceanic logistics hub.
With the addition of these two terminals, the goal is to increase container capacity from about 9.5 million (20-foot equivalent units per year to roughly 15 million. The projects also aim to expand port capacity in the interoceanic area, which is operating near its limit.
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