Panama Canal Administrator Ricaurte Vásquez took part in a fireside chat at the Houston International Maritime Conference (HIMC), moderated by senior CNBC editor Lori Ann LaRocco. During the discussion, Vásquez outlined strategic plans for a gas pipeline and the construction of two new ports at each end of the Canal. These initiatives are designed to enhance the Canal’s ability to provide efficient, reliable service while reducing exposure to climate-related risks and global uncertainty. “We are working hard to ensure that environmental and climate conditions do not disrupt operations. At the same time, these projects reaffirm the Canal’s commitment to diversification through investments that provide operational certainty for the industry,” he noted.
Vásquez underscored the increasing market demand behind the Canal’s gas infrastructure strategy, stating that volumes of liquefied petroleum gas (LPG) are expected to double over the next decade. “Almost everything moving from the U.S. to Asia goes through the Panama Canal. If we do nothing, we risk losing that share of the market. Our long-term vision is to capture that growing volume,” he said.
He also discussed the planned development of two new ports at either end of the Canal, emphasizing that all projects will be open to participation from companies capable of delivering substantial value. That value, he explained, will be defined according to Panama’s long-term strategic interests. “Decisions are made by the Canal and its Board. That distinction is important because it removes the possibility of political influence,” Vásquez stressed.
In closing, Vásquez reaffirmed the Canal’s determination to move swiftly and efficiently. “We are scheduling one-on-one meetings with terminal operators and shipping clients in the first week of December. We are working on the terms of reference for the pre-qualification process. We are moving fast,” he said.
The HIMC, organized by the Port of Houston and supported by the International Longshoremen’s Association, Foreign Trade Zone (FTZ), and the OEC Group, provides a platform for stakeholders across the supply chain to collaborate and innovate in an evolving maritime commercial environment.
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