Valencia set for future growth

This investment comes at a turbulent time for the port, which has seen cargo volumes drop by 20% over the past couple of months, but with total trade volumes slowly rising, things are looking up.

“The activity in Spanish ports have just ended a very rough period, and as economic recovery is starting, the recovery in seaborne trade volumes will even be stronger,” said Paul Ryan, global head of infrastructure, J.P. Morgan Asset Management.

To ensure the port can handle the rise in volume and to boost its competitiveness, the expansion will include increased quay and yard space and improved intermodal infrastructure.

Mr Ryan added: “We firmly believe the Spanish economy has turned the corner, which will have a positive effect on trade activity. Growth rates were positive in the second half of 2013 ending a nine-quarter double-dip recession. We expect around 1% growth in 2014 and 2% in 2015 and beyond.”

J P Morgan owns a majority stake in Noatum, which also has assets in Bilbao, Malaga and Las Palmas, as well as the largest vehicle handling terminal in the Mediterranean, based in Barcelona.