23 Panama Throughput: 4,651,556teu (+14.2%)

Panama's privileged geographic position has placed it at the centre of trade lanes representing around 5% of world commerce, attracting the attention of port developers, SSA Marine, Hutchison Port Holdings, Evergreen and PSA International.

All are investing in terminals at the Pacific and Atlantic ends of the Panama Canal.

Throughput in the country's four existing terminals – SSA's Manzanillo International Terminal, Evergreen's Colon Container Terminal and the Cristobal and Balboa terminals of Hutchison Port Holdings' subsidiary Panama Ports Company – were up 14.2% in 2008.

A fifth facility is set to open for business next year, with PSA beginning work on its 350,000teu terminal in Balboa.

Investments are being tailored towards plans to double vessel capacity at the Panama Canal from 2014 onwards.

When the widened canal is completed at a cost of US$5.25bn, ships of up to 12,500teu will be able to transit the waterway, a development that is likely to transform trade routes and accelerate the flow of cargo from Asia to ports on the US east coast and the Caribbean.

Volumes have held up well in the first four months of the year, with a 3.3% drop in total containers handled in Panama's terminals, which reflects favourably against other ports in the region.