Panama Canal Modernization Program
Project
Panama Canal Authority (ACP) is in discussions with 17 global operators, including APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd, to bid for concessions for two new container terminals, Corozal (Pacific) and Telfers (Atlantic). Selection is expected by the end of 2026.
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Counterparts (7)
operator
APM Terminals
company
APM Terminals is a global port operator focused on designing, building, managing, and operating port and terminal facilities. They aim to improve supply chain efficiency and facilitate global trade.
COSCO Shipping Ports
company
COSCO Shipping Ports is a leading global port operator with investments in numerous ports worldwide. They focus on developing and operating container terminals, aiming to create a global terminal network.
DP World
company
DP World is a global port operator and logistics company. They invest in and develop ports, terminals, logistics parks, and other related infrastructure assets worldwide.
CMA Terminals
company
CMA Terminals focuses on the development, operation, and management of port terminals and logistics infrastructure. They invest in and operate port facilities globally to facilitate maritime trade and supply chain efficiency.
Terminal Investment Ltd
company
Terminal Investment Limited (TIL) is a global terminal operator. TIL invests in, develops and operates container terminals around the world.
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Deal Analysis
The Panama Canal Authority (ACP) is seeking operators for concessions to develop and operate two new container terminals, Corozal (Pacific) and Telfers (Atlantic). This partnership aims to enhance the Canal's capacity and competitiveness in global trade. The ACP is currently in discussions with 17 global operators, including industry giants such as APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd, with selection expected by the end of 2026. The involvement of these major players underscores the strategic importance of the Panama Canal as a key global trade route.
The selection of operators for these terminals will have significant implications for the region's logistics landscape. The deal represents a substantial opportunity for the selected operators to expand their presence in a critical maritime hub. The competition among these major port operators highlights the attractiveness of the Panama Canal as a strategic asset for global trade and supply chains. The outcome of this selection process will likely reshape the competitive dynamics of container terminal operations in the region.
- Involves the Panama Canal Authority (ACP) partnering with global port operators.
- Attracts interest from 17 major players including APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd.
- Focuses on developing two new container terminals: Corozal (Pacific) and Telfers (Atlantic).
- Selection of operators expected by the end of 2026.
Source Intelligence
KEY DETAILS
The modernization program includes a cross-isthmus gas pipeline and a large-scale water security project. Quote: "A cross-isthmus gas pipeline will improve efficiency in handling increasing LPG flows between the US Gulf and Asia. A large-scale water security project (including a new reservoir) to stabilize Gatun Lake levels after repeated drought shocks."
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Deal Size
The Panama Canal $8.5B Gamble
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Capacity
Two new container terminals, Corozal (Pacific) and Telfers (Atlantic), are expected to add 5–6 million TEUs of annual capacity
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Location
Two new container terminals, Corozal (Pacific) and Telfers (Atlantic)
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Expected Close
Selection is expected by the end of 2026.
PARTIES MENTIONED IN SOURCE
A
APM Terminals
bidder
"ACP began discussions with 17 global operators, including APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd, to bid for these concessions."
C
COSCO Shipping Ports
bidder
"ACP began discussions with 17 global operators, including APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd, to bid for these concessions."
C
CMA Terminals
bidder
"ACP began discussions with 17 global operators, including APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd, to bid for these concessions."
D
DP World
bidder
"ACP began discussions with 17 global operators, including APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd, to bid for these concessions."
P
PSA
bidder
"ACP began discussions with 17 global operators, including APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd, to bid for these concessions."
M
MSC’s Terminal Investment Ltd
bidder
"ACP began discussions with 17 global operators, including APM Terminals, COSCO Shipping Ports, CMA Terminals, DP World, PSA, and MSC’s Terminal Investment Ltd, to bid for these concessions."
C
CK Hutchison
concession holder
"In January 2026, Panama’s Supreme Court ruled the CK Hutchison concession for the Balboa and Cristóbal ports unconstitutional"
high quality
Enriched Feb 24, 2026
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