Smart logistics and engineering specialists Katoen Natie will invest $455 million in upgrading the Terminal Cuenca del Plata (TCP) at the Port of Montevideo after signing an agreement with the Uruguayan government.
In a statement, the company said it will build a new 22-hectare terminal yard. The project will also include a new quay wall of 700m in length, dredged to 14m in depth.
The terminal will have between 12 and 15 new ultramodern ship-to-shore (STS) gantry cranes and 50 straddle carriers.
Once all upgrades are completed, the terminal will be able to handle four container ships simultaneously and process 2.5 million TEU per year.
The company went to say that after the project is completed, the Port will have a ”state-of-the-art” Specialized Container Terminal, which will more than double its annual capacity and will allow it operate the last generation of container vessels of 400m.
This capacity increase and the concentration of container operations shall improve operational efficiency and reduce container costs.
This will place Montevideo in a privileged position on the trade lanes of transit and transshipment containerized cargo, the company claimed.
The sums marks the biggest investment ever made in the Port of Montevideo and will strengthen Uruguay’s strategic position as regional supply chain hub.
Vincent Vandecauter, CEO of TCP, said, “Terminal Cuenca del Plata is already the most efficient container terminal in South America, but with this new investment we are now positioning the terminal as an indispensable link in the list of the most important hub ports in the continent, and, at the same time, making the terminal more attractive for Uruguayan exporters.
Karl Huts, director of Katoen Natie Group, also commented, “ “This enormous commitment confirms our trust in Uruguay as an investment country and one-of–the-places-to-be, and in the Port of Montevideo as an excellent logistics hub.”