News / MSC ahead as race begins to develop new Panama Canal box terminals

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December 2026 looks to be a pivotal period for transforming the Panama Canal, when the partners to develop new port terminals on the Atlantic and Pacific coasts of the waterway with the canal authority will be announced.

Of the 22 operators and carriers participating in the consultation process, MSC could already be in the driving seat, given its concession for the partially built Atlantic coast Panama Canal Container Terminal (PCCT) and its looming acquisition of Panama Ports Co.

The Panama Canal authority (ACP) said: “We launched a consultation process with representatives of the maritime industry to identify potential partners interested in developing port terminals on both the Atlantic and Pacific sides of the waterway.

“As part of this business process, a market and feasibility study will be conducted for both terminals. Following this stage, a general project plan will be developed which will lead to the initiation of a special process to select a concessionaire.”

As well as MSC, other contenders are APMT, Cosco, CMA Terminals, DP World, Hanseatic, MOL, PSA, SSA Marine-Grupo Carrix, Terminal Investment, Evergreen, Hapag Lloyd, HMM, Maersk Line, OOCL, Yang Ming, Port of Houston, CMA CGM, ONE, and Zim.

The chosen partners will be part of what is projected to be a $2.6bn construction project for the two new terminals, Telfers on the Atlantic side and Corozal on the Pacific, upping the current terminals’ container handling capacity from 9.5m to 15m teu annually.

ACP VP of finance Victor Vial said: “We think that if it isn’t done here in Panama, it will happen elsewhere in the region, and we have to decide whether we want to stay competitive.”

Should everything go according to plan, ACP will announce the winners of the process at the end of next year, with the new gateways opening for operation in 2029, as authorities in the region look to provide headroom with the canal’s terminal handling capacity limit having been hit.

For MSC, it could play out nicely, having teamed up with Notarc Management Group to take over the partially built PCCT, although China Landbridge is contesting the termination of its concession, leaving the terminal non-operational.