The Port Authority of Valencia (PAV) has approved plans by JP Morgan Asset Management in regards to a US$100 million investment into the expansion of Noatum’s Port of Valencia facilities in Spain.
Plans for expansion include increasing both quay and yard space, alongside aiming to improve intermodal connectivity. By doing so, JP Morgan Asset Management, who own a majority stake in Noatum, hopes to invest and increase the sustainability of its assets, in an economy now in recovery.
Paul Ryan, global head of infrastructure for J.P. Morgan Asset Management said, “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 percent growth in 2014 and 2 percent in 2015 and beyond.”
“Total trade volumes and 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. As long-term infrastructure investors, our commitment to Noatum Ports and Noatum Maritime (Marmedsa) remains strong and steadfast. We look forward to playing an important role in developing Valencia's traffic and customer base for many years to come,” he added.
Noatum Ports is the largest maritime terminal operator in Spain, with assets in Bilbao, Valencia, Malaga and Las Palmas.
The company also operates the largest vehicle handling terminal in the Mediterranean, based in Barcelona, as well as two railway terminals located in Madrid and Zaragoza.