APM Terminals finalises Cartagena Joint Venture
APM Terminals and Colombian-based port and terminal operating company, Compañia de Puertos Asociados S.A. (Compas S.A.) have finalized the incorporation of Cartagena Container Terminal Operator (CCTO), a new joint venture which will manage and operate Compas S.A.’s existing multipurpose facility in Cartagena, Colombia. APM Terminals will hold a 51% majority share in the operation, which includes annual throughput capacities of 250,000 TEUs and 1.5 million tonnes of general cargo.
“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” said APM Terminals CEO Kim Fejfer.
CCTO and Compas S.A. will jointly invest over USD 200 million in upgrading and expanding the facility to triple the annual throughput capacity, and enable the terminal to handle vessels up to 13,000 TEU capacity which will be able to transit the Panama Canal after the lock-widening project is completed this year.
Pictured left to right are Mr Gabriel Echavarría, President of Compas Board of Directors who signed the deal on behalf of Compas and Mr Joe Nicklaus Nielsen, Vice President, Port Investments for APM Terminals.