Judges give green light to Corozal. Panama’s Supreme Court has thrown out a motion put forward by Panama Ports Company (PPC) that the tender for the Port of Corozal infringes guarantees set out in the country’s constitution.
The decision, which was taken by nine judges, clears the way for Panama Canal Authority (ACP) to continue with its tender for the construction of what will be a new container port with a 5.3m teu capacity.
Corozal port forms part of the ACP’s strategy to diversify its business portfolio and thereby maintain its competitive position, allowing it to generate additional income for the state.
The scheme, which has broad support in Panama, is especially supported by the Chamber of Commerce, Industry and Agriculture, even though PPC argues that, given the downturn in the global economy, its construction is entirely unnecessary.
In contrast and despite the fact that Panama has seen box volumes drop 12.8%, Rommel Troetsch, president of Panama’s Maritime Chamber, said that the country should invest in the development of its ports network to increase its share of the regional transhipment market.
He stated that it would also help convert Panama into a regional logistics hub for markets in Asia and Europe.