Panama Canal Kicks Off Mega-Expansion Project, Drawing Interest from Global Giants

Cristobel terminal in Panama (Photo: AMP / Phaata)

The Panama Canal has taken its first step towards the development of new container terminals on both the Atlantic and Pacific sides of the vital waterway.

An initial working meeting to identify future partners for the planned terminals saw the participation of representatives from the world's leading port operators as well as many major shipping lines. According to the Panama Canal Authority (ACP), the meeting was attended by industry heavyweights such as APM Terminals, Cosco Shipping Ports, CMA Terminals–CMA, DP World, PSA International, and Terminal Investment Limited, along with representatives from shipping lines CMA CGM, ONE, Evergreen, Hapag-Lloyd, HMM, Maersk Line, MSC, OOCL, and Zim.

The presence of China's COSCO Shipping in both the port operator and shipping line roles is a notable point, given the friction Panama has experienced with the Trump administration over the past 12 months. The U.S. has contended that existing terminals controlled by Hong Kong-based Hutchison Whampoa are tantamount to Chinese control over the critical waterway.

Project Process and Scale

The development process for the new terminals will proceed with a market and feasibility study, along with a master forecast plan, before moving to the selection process for the concessionaire. This process will include a pre-qualification phase, with the selection expected to take place in Q4 2026.

The ACP stated: “The Panama Canal reaffirms its commitment to transparency, responsible planning, and adherence to institutional procedures, in line with its mission to promote the sustainable and competitive development of Panama’s maritime system.”

The two new terminals will be designed to increase transshipment capacity around the canal entrances by 5 million TEU, with construction slated to begin in 2027.

Currently, there are five terminals operating in the area. In 2024, these five terminals handled 9.4 million TEU. The ACP said that port capacity in the interoceanic region is currently operating near its limit, underscoring the necessity of the expansion project.

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Source: Phaata.com (According to Seatrade-Maritime)

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