The Panama Canal Authority will begin consultations with companies in early 2025 to launch a competitive tender for the construction and operation of two new ports within the canal zone, a source familiar with the plans said on Thursday.
The projects form part of a broader $8.5 billion, five-year expansion strategy to boost cargo-handling services, including transshipment, storage, gas transportation, and measures to secure fresh water for canal operations.
“There is a large demand for facilities and terminals,” said canal administrator Ricaurte Vásquez at a conference, without providing further details.
A key component of the plan—a large dam on the Indio River to create a new reservoir—is facing legal hurdles, with Panama’s Supreme Court set to hear a case filed by affected communities last month.
The canal authority is also preparing a separate tender for a liquefied petroleum gas pipeline project, which could be offered next year.
The developments come amid geopolitical tensions, with former U.S. President Donald Trump earlier this year threatening to take over the canal, citing concerns over China’s influence in Panama.
In parallel, President José Mulino has moved to end a 25-year concession held by Hong Kong-based CK Hutchison for two major ports outside the canal zone. On Thursday, CK Hutchison said its $22.8 billion deal to sell most of its global port operations—including the two Panamanian ports—to a group led by BlackRock and shipping giant MSC has a “reasonable chance” of going through.
