APM Terminals closes Cartagena deal
APM Terminals and Columbian-based port and terminal operating company, Compañia de Puertos Asociados S.A., have finalised the incorporation of Cartagena Container Terminal Operator, or CCTO; a new joint venture, which will manage and operate Compas S.A.’s existing multipurpose facility in Cartagena.
The operation, in which APM Terminals will hold a 51% majority share, includes more than $200m worth of facility upgrades and equipment to accommodate larger container ships due to transit the Panama Canal, specifically vessels of up to 13,000 teu capacity.
APM Terminals chief executive Kim Fejfer said: “We are proud to expand the APM Terminals global terminal network into this important South American market in partnership with such a highly respected business as Compas SA, and we look forward to building upon their achievements in the port of Cartagena.”
Cartagena, located on Columbia’s Caribbean coast, is already the second busiest container port in South America, and the fifth busiest in the Latin America and Caribbean region, with a throughput of more than 2m teu in 2015.
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