APMT and Colombian-based port and terminal operating company, Compañia de Puertos Asociados S.A. (Compas S.A.) have signed a joint venture agreement to jointly manage and operate Compas S.A.’s existing multi-purpose Cartagena terminal.
APMT recently agreed to buy an Italian reefer terminal, which is the largest refrigerated terminal in the Mediterranean.
APMT and Compas S.A. will jointly invest over US$200 million in upgrading and expanding the Cartagena terminal.
The upgrade will triple annual throughput capacity for the terminal to handle the larger vessels transiting the widened Panama Canal, which is due to completed in early 2016.
While Compas S.A. will continue to be the concession holder, APMT will hold a 51% majority share in the joint-venture that will run the facility.
The transaction will be subject to compliance with the necessary formalities with the relevant authorities.
Kim Fejfer, CEO of APMT, said: “Colombia represents one of the most promising investment opportunities in the region and we are pleased to participate in the country’s ongoing economic growth and development. Cartagena has enormous significance in South America ports and this JV underlines APMT’s growth and investment plans.”
Joe Nicklaus Nielsen, Vice President and Global Head of Container Business Development of APMT, said: “Compas S.A. has the service reputation and expertise in Cartagena and Colombia that ideally fits our Latin America partner strategy and port development ambitions.”
Fact File: The Compas S.A. Cartagena Terminal has an annual throughput capacity of 250,000 TEU and 1.5 million tons of general cargo. It becomes the sixth operational Latin American facility within APMT’s global portfolio of terminals, which includes interests in operating port facilities in Callao, Peru; Buenos Aires, Argentina; and Santos, Pecém, and Itajaí, Brazil.