APM Terminals and Colombian-based port and terminal operating company Compañia de Puertos Asociados (Compas) have finalised a joint venture to operate the Cartagena port terminal in Colombia.

The new JV, Cartagena Container Terminal Operator (CCTO), will see the partners investing $200m to upgrade the facilities and equipment at the port.

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The plan is to increase the annual throughput capacity as well as equip the terminal to handle vessels up to 13,000TEU capacity to transit through the Panama Canal.

"Compas has the service reputation and expertise in Cartagena and Colombia that ideally fits our Latin America partner strategy and port development ambitions."

Located at the northern tip of South America on Colombia’s Caribbean coast, Cartagena was the second-busiest container port in South America in 2014 procuring a throughput of 2.23 million TEUs container volume.

APM Terminals vice-president and global head of Container Business Development Joe Nicklaus Nielsen said: "Compas has the service reputation and expertise in Cartagena and Colombia that ideally fits our Latin America partner strategy and port development ambitions.

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"We look forward to working with them on developing the Cartagena terminal further."

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APM Terminal will own a majority share of 51% in the project inclusive of the annual throughput capacities of 250,000TEUs and 1.5 million tons of general cargo.

APM Terminal CEO Kim Fejfer said: "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, and we look forward to building upon their achievements in the port of Cartagena."

APM Terminals also operates ports in Callao, Peru; Buenos Aires, Argentina; and Santos, Pecém, and Itajaí, Brazil. Ttwo new deep-water terminals are under construction in Latin America at Moin, Costa Rica, and Lazaro Cardenas, Mexico.