PSA International Pte Ltd (PSA) has announced its investment in the development and operations of a container terminal at the Pacific entrance of the Panama Canal.
The PSA Panama International Terminal project comprises, in its first phase the construction of a 330-metre container and roll-on-roll-off berth. This will be able to handle about 450,000 twenty-foot equivalent units (TEUs) of containers per year, PSA said. The berth's 14-metre water depth will enable the terminal to handle post-panamax ships.
PSA International Group CEO, Eddie Teh, said in a announcement: "Today is an important occasion for PSA as the PSA Panama International Terminal at Rodman represents our first ever port investment in the Americas, and we are delighted and honoured to be given this opportunity to make Panama the home for this landmark investment.
"Both Panama and Singapore are located at the major crossroads of shipping - the Panama Canal and the Malacca Straits represent the two most important and strategic waterways in the world. Both nations have major roles to play and contribute towards the facilitation of world trade. Our ports are important transshipment hubs and development of our maritime infrastructure is paramount to both our economies and to world trade.
"I am indeed pleased that we have together taken this important step to develop Rodman into a major port facility on the Pacific coast, in tandem with the widening and expansion of the Panama Canal which is currently underway. This investment is the second major investment by Singapore in Panama and reinforces our commitment to the Free Trade Agreement entered into by our two governments a year ago.
"Our mutual collaboration in this area of maritime infrastructure development will serve to add impetus to the flow of world trade between Asia, Americas, Europe and beyond," Teh said.
Panama decided in October to go ahead with a $5.25 billion expansion of the canal to handle modern container ships, cruise liners and tankers that are too large for its current locks.
The plan, which would build a third set of locks, or water chambers, on the Pacific and Atlantic ends by 2015, is the largest modernization in the 92-year history of the waterway.
Teh continued: "I would like to assure the government and the people of Panama of PSA's firm commitment to making PSA Panama International Terminal at Rodman a major success, and we look forward to your continued support and cooperation as we prepare the terminal for commercial operations over the next 18 months to two years."
PSA's announcement did not disclose the value of its Panama investment. Other sources have said that the project would cost an estimated $100 million.
Singapore-based PSA's local partner for this port investment is Parque Industrial Maritime S.A. (PIMPSA).
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