In 2016, a consortium of Chinese companies led by Landbridge Group purchased the Panama Colon Container Port (PCCP) and committed to invest $900m in a new terminal. However, after Panama elected a new president, Laurentino Cortizo, in 2019, the Panama Maritime Authority (PMA) was charged with reviewing the PCCP development. The PMA found that the Chinese consortium had not complied with terms of its contract and, in June 2021, the agency revoked the consortium’s concession.
Construction of the terminal was 40% complete.
MSC has now partnered with Notarc Management Group, a global advisory, investment and management-consulting firm with a subsidiary in Panama, to finish the construction, starting in Q4.