November 5, 2026 — The Panama Canal Authority has reviewed initial submissions for two proposed container terminals involving an estimated $2.6 billion in investment and aims to announce a shortlist of qualified bidders by the end of 2026, advancing plans to expand Panama’s cargo-handling capacity along one of the world’s most important shipping routes.
The proposed terminals would increase Panama’s capacity to transfer containers between international shipping services as existing ports approach their capacity limits. The authority expects to invite shortlisted companies to submit detailed proposals, with concession awards targeted for mid-2027. No construction or operating contract has yet been awarded.
Panama Canal Administrator Ilya Espino de Marotta disclosed the latest procurement milestone at a maritime conference in Houston on November 4, according to Reuters. She said the authority had received and assessed the initial prequalification submissions and would move qualified companies into the next stage of the selection process.
Major international shipping groups, including Maersk and Mediterranean Shipping Company (MSC), could participate in the bidding. However, Espino de Marotta did not identify the companies expected to qualify, and neither group has been announced as a successful bidder.
The planned terminals form part of a wider infrastructure expansion described by Reuters as an $8.5 billion programme aimed at strengthening Panama’s position as an international logistics and energy hub.
The initiative seeks to develop services beyond the canal’s traditional role of allowing vessels to travel between the Atlantic and Pacific oceans. These services include container transfers, port operations and energy transportation.
The two container terminals would be developed on opposite sides of the waterway.
The Corozal terminal is planned for the Pacific side, while the Telfers terminal would be located on the Atlantic side. Together, they are intended to increase the amount of cargo Panama can handle as containers move between vessels serving different international trade routes.
The Panama Canal Authority estimates that the projects could add between 5 million and 6 million twenty-foot equivalent units (TEUs) to the country’s annual container transshipment capacity.
A TEU is a standard shipping measure based on the space occupied by a 20-foot container. The projected increase refers to the volume of containers that the ports could handle, rather than the number of additional ships that could pass through the Panama Canal.
Container transshipment involves unloading cargo from one vessel and transferring it to another for the next stage of its journey. The process allows shipping companies to connect major international routes with regional services without requiring every vessel to travel directly to a cargo’s final destination.
For Panama, additional terminal capacity could create opportunities to handle more of these transfers and strengthen its position as a connection point for international container shipping.
The authority has said existing cargo-handling capacity near the canal is under pressure. Expanding port infrastructure could help accommodate additional shipping demand and reduce the risk that limited terminal space will constrain future growth.
However, the projected benefits will depend on demand from shipping companies, the competitiveness of the proposed facilities and their eventual operating arrangements.
According to the Panama Canal Authority’s official procurement update, construction of the two terminals is expected to take approximately three years.
That estimate depends on the completion of the selection process, the signing of concession agreements and the start of construction. The $2.6 billion investment figure is also a project estimate, not confirmation that the entire amount has already been committed or spent.
Under the current timetable reported by Reuters, concessions could be awarded around mid-2027, potentially allowing the terminals to begin operations in 2030 or 2031.
Those dates remain planning targets rather than guaranteed completion deadlines.
The authority began the formal prequalification process on January 30, 2026, when it published documents setting out the requirements for companies interested in participating.
The process followed earlier consultations with maritime industry representatives and prospective participants.
Interested companies were required to submit information demonstrating their technical capabilities, financial resources and legal qualifications. The authority subsequently reviewed those materials against the criteria established for the selection process.
Espino de Marotta’s November 4 announcement indicates that the initial assessment has progressed and that the authority expects to identify qualified participants before the end of the year.
Prequalification is not the same as winning a construction contract or operating concession.
Companies that meet the initial requirements will be invited to submit detailed proposals. Those proposals must then be evaluated before the authority selects the companies that will develop and operate the terminals.
The distinction matters because the latest announcement signals progress towards competitive bidding, not a final investment or construction decision.
A concession typically gives a selected operator the right to develop and manage infrastructure under agreed conditions for a specified period. The terms of the proposed terminal concessions have not yet been made public in their final form.
The authority has not announced the final list of qualified bidders, the winning operators, definitive construction schedules or the commercial terms under which the facilities would operate.
Maersk and MSC were identified by Espino de Marotta as possible participants because of their existing involvement in Panama’s maritime sector. Their inclusion as potential bidders does not mean either company has qualified or secured a contract.
The planned investment also forms part of a broader strategy to develop a transport and logistics corridor across Panama.
Alongside the container terminals, the authority is pursuing a proposed pipeline to transport liquefied petroleum gas and related products between Panama’s Atlantic and Pacific coasts.
Reuters reported a preliminary investment range of $4 billion to $8 billion for the pipeline, depending on its eventual design and development arrangements.
The pipeline would provide a route for energy products to cross Panama without requiring vessels carrying those products to transit the canal itself.
The authority has described the energy corridor and container terminals as complementary infrastructure initiatives intended to expand the services associated with the canal.
However, the estimated pipeline investment and the $2.6 billion terminal investment should not automatically be combined and presented as a fixed, committed budget. They remain separate project estimates within a broader development strategy whose eventual costs will depend on final designs and contracts.
The Panama Canal Authority’s strategic plans also seek to attract private-sector participation in infrastructure development rather than relying solely on investment in the waterway’s existing locks and navigation facilities.
This approach reflects both the canal’s importance to global maritime trade and the commercial opportunities associated with cargo movement around the waterway.
The Panama Canal provides a shorter maritime connection between the Atlantic and Pacific, avoiding the much longer journey around South America for ships travelling between many major ports.
Its commercial significance extends beyond vessels that pay tolls to use the canal. Nearby container terminals, shipping services and logistics operations also benefit from international cargo flows.
Expanding those facilities could allow Panama to capture a greater share of the business associated with goods moving through the region.
The authority is also considering a possible third container terminal, Espino de Marotta told Reuters.
That project remains at an early planning stage. The November 4 announcement did not establish a final investment amount, construction schedule or procurement timetable for the additional facility.
The possibility of a third terminal reflects the authority’s view that demand for cargo-handling infrastructure could continue to increase as international shipping networks develop.
The expansion plans come as the canal continues to manage operational pressures, including the availability of freshwater needed for its locks. Changes in rainfall can affect the number and size of vessels permitted to transit the waterway.
Those operational challenges are separate from the terminal procurement process, although both are relevant to the authority’s wider efforts to maintain Panama’s competitiveness in international shipping.
For port operators and shipping companies considering participation, the next significant milestone will be the announcement of prequalified bidders, expected by the end of December 2026.
The shortlisted companies would then receive formal requests for proposals, with concession awards targeted for mid-2027.
Until those decisions are made, the $2.6 billion terminal programme remains a planned infrastructure investment progressing through competitive procurement, rather than a project with confirmed developers or awarded construction contracts.
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