Panama Ports operators are planning to spend $1 billion on improvements to met an expected increase in business, if the free trade agreement (FTA) with the United States is signed and from the canal expansion.
Balboa will get three new giant cranes for unloading containers and eight “yard” cranes. The Port of Colón will add four container cranes.
Dredging operations are also under way to allow for the bigger post-panamax ships to dock when the canal expansion is finished. {jathumbnail off}
A number of U.S. companies have visited recently to examine the suitability of the country as a logistics center and in June Miami-Dade County Commissioner Jean Monestime will lead a business development mission of 28 government and private sector representatives to consolidate and strengthen bilateral trade between Miami-Dade County and Panama, particularly in light of the Canal expansion. Miami-Dade is also dredging its port and will become the closest deep water port capable of handling the post-Panamax ships.
With or without the FTA Panama's port business is booming. During the first quarter of the year,the ports handled more than 1.4 million containers an increase of 30 percent over the same period last year.
