The Panama Canal expects to name the shortlisted bidders for a project to build and operate two new container terminals before the end of this year, advancing a tender tied to one of the world's most important trade routes.

Canal Administrator Ilya Espino said on Wednesday, speaking at the Houston International Maritime Conference, that the authority had evaluated initial proposals and that the shortlisted companies would next receive a request for proposals, moving the project into a more formal bidding stage.

The two terminals are expected to attract about $2.6 billion of investment. They form part of a broader $8.5 billion expansion plan aimed at turning the canal into a larger logistics and energy hub, which also includes a proposed pipeline to carry liquefied petroleum gas, estimated at $4 billion to $8 billion. The canal authority says existing trans-shipment capacity in Panama is already tight, and it has also begun planning a third terminal.

Ms Espino did not name the pre-qualified companies, but said global shipping groups such as Maersk and MSC, which already operate ports in Panama, could be among the bidders. Companies that showed early interest include ENEOS, Energy Transfer, Exxon Mobil, Enterprise Products Partners, Chevron, Phillips 66, Targa Resources and ONEOK.

Under the current timetable, concessions could be awarded around the middle of 2027, with operations beginning in 2030 or 2031. The canal is also managing tight water supplies: the current passage limit is 33 ships a day, and the authority hopes to keep at least 32 slots a day through the dry season. It expects 10,750 deep-draft transits this fiscal year, which ends in September 2027, below the 12,636 of the previous year. Read the full Reuters report.