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Hutchison's Panamanian Port of Balboa due for US$110 million upgrade
HONG KONG's Panama Ports Company (PPC), a Hutchison Whampoa holding, will invest US$110 million next year to expand Panama's Pacific coast Port of Balboa.
The investment will boost capacity 11 per cent up to five million TEU by adding yard space, said PPC chief executive Aitor Ibarreche.
Mr Ibarreche said that the investment is designed to get the port ready for the opening of the widened Panama Canal, expected to be at the beginning of 2016.
Balboa is the 45th biggest port in the world and the second biggest in Panama after Colon on the Caribbean side, which PPC also operate.
The investment will boost capacity 11 per cent up to five million TEU by adding yard space, said PPC chief executive Aitor Ibarreche.
Mr Ibarreche said that the investment is designed to get the port ready for the opening of the widened Panama Canal, expected to be at the beginning of 2016.
Balboa is the 45th biggest port in the world and the second biggest in Panama after Colon on the Caribbean side, which PPC also operate.
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