Notarc Management Group (NMG) has announced its acquisition and finalisation of plans to complete the Panama Canal Container Port (PCCP).
The project was previously valued at $1.4 billion and is already 40 per cent complete. Construction is slated to resume by Q4 2022.
NMG is partnering with Terminal Investment Limited (TIL), an affiliate of Mediterranean Shipping Company (MSC), to manage and oversee operations of the new facility that is expected to handle 2.5 million TEU in its first few years and eventually to grow to a capacity of 5 million TEU.
“NMG’s core mission is to align with strategic capital partners, investors, and leading multinational firms in supporting and expanding innovation, technology, infrastructure, and sustainable initiatives across Latin America and the Caribbean,” said Leslie C. Bethel, CEO of NMG.
“This is our first major port initiative in Panama and sets the stage for other key investment opportunities we are pursuing across the region.”
Ammar Kannan, CEO of TIL, added: “We are delighted to be here for this special occasion and to commit to the partnership with Notarc, the Panamanian Government and, most importantly, the people of Panama. We are no strangers to Panama and our undertakings today cement our further belief that The Americas will continue to grow and prosper through the advent of trade and logistics.
“The pandemic has evidenced that our business is essential. Our Shareholders are committed to this industry for the long term. We are also grateful to Notarc for allowing us to bring our global operational expertise to this development as we continue to expand our footprint in the America.”
Dion L. Bowe, newly appointed CEO of PCCP, also commented: “Panama is an ideal gateway hub in the Americas and the World.
“This acquisition is a strategic opportunity for us to further develop and integrate a regional logistics platform while investing in assets which are synergistic to our investment model and where innovation and location offer an incomparable business footprint in the region.”