The executive president and CEO of Yilport Holding, Robert Yuksel Yildirim, signed a memorandum of understanding with the administrator of the Panama Maritime Authority (AMP) and Minister of Maritime Affairs, Noriel Arauz, to begin studies of the new multipurpose fiscal pier of Puerto Armuelles, located in the province of Chiriqui.

“Yilport Holding aims to create first class and multipurpose facilities on an international scale. This vision is driven by the company’s growth strategy to become one of the top 10 port operators worldwide by the year 2025,” said the company’s president, according to a local media report in En Segundos.

Yilport Holding was established in August 2011 to unify the port operations and the container terminal of the Yildirim Group under one roof. Among its business plans for 2020, the company will continue its second round of acquisitions, especially looking for entry terminals in emerging markets.

“We will seek to acquire one or two ports per year in line with our typical growth strategy,” said Yilport’s CEO.

The project of the new fiscal pier of Puerto Armuelles, located in the Panamanian Pacific will have an investment of nearly $20 million and includes the rehabilitation of the existing pier, turning it into a tourist pier to attract more tourists and move the local economy, reported the AMP.

The project also includes a two-story building that will house the Seafood Market and the offices of the Panama Maritime Authority.

The Panamanian Minister of Maritime Affairs emphasized that “with the new port we will not only give an answer to the maritime community, but we will also bring hope and a better future to this community that deserves it so much”.

From the new fiscal dock, passengers and tuna boats will be served. It will consist of a bridge that will connect the mainland with a first platform, where artisanal fishermen will be able to arrive and unload their products.

Similarly, a second bridge will be built from the artisan fishermen’s platform to an industrial passenger dock; it will be a floating dock where it will be possible to receive up to one hundred passengers, boats of up to forty-five meters on the inside of the dock and on the outside tuna boats, shrimp boats and containers will be served, depending on the draught and dimensions of the vessel.

The specifications that select the contractor require that, for the construction phase, part of the workforce be residents of Puerto Armuelles or, failing that, of the district of Baru, in order to promote employment on the site.

Next March, the AMP will start with the selection process, and estimates that by the end of this year or the beginning of next, the first stone will be laid and it is planned that between December 2022 and January 2023, the work will be 100% operational.

The Yilport Holding Group has a presence in 22 port terminals in 10 countries around the world. Currently, in Latin America it has strong investments in three countries. It owns more than 50% of Puerto Quetzal, the most important port terminal in Guatemala. In Ecuador it owns Puerto Bolivar, located in the heart of the country where the most famous banana farms in the world are located, with an annual production of three million tons.

In Peru, it operates the Port of Paita, the main port terminal in the north of the country. It covers approximately 15% of the traffic with an annual increase of approximately 200,000 TEU.