CMA CGM Group has purchased a 50% minus one share in Total Terminal International Algeciras (TTIA) in the Port of Algeciras, Spain, as part of its global strategic investment plan.
In a statement, the company said it will strengthen its position in the Strait of Gibraltar. The terminal will be able to handle the world’s largest container vessels of 23,000 TEU in capacity with its fleet of modern equipment.
These included a container yard of 30 hectares, a quay length of 850m and draught of 18m, and eight ship-to-shore (STS) cranes. There will also be the potential to double the terminal’s capacity in the future.
The TTIA terminal, a multi-user facility with an annual capacity of 1.7 million 20-foot equivalent units (TEUs), was inaugurated in 2010 and is the first semi-automatic terminal in the Med area.
CMA CGM Group and its partners in Algesiras, HMM and DIF Capital Partners, will join forces to support and develop this strategic terminal.
Commenting on the close of the share purchase agreement, Christine Cabau Woehrel, CMA CGM Group Executive Vice President, Industrial Assets and Operations, said: “Our investment in the TTIA terminal in Algeciras is a sign of our confidence in the region’s growth potential and reflects our desire to strengthen our service capabilities in the Strait of Gibraltar.
“This new equity position in one of the Mediterranean’s busiest ports also strengthens the CMA CGM Group’s status as a leading port terminal operator.”
