In 2012, the Mexican Port Authority of Lazaro Cardenas had declared APM Terminals winning the bid to for the TEC2 project which emphasises a 32 year concession of a greenfield site for the design, financing, construction, operation and maintenance of a new container terminal at the port.
APM Terminals had teamed with Mexico’s construction company ICA for the project who will lay a claim on 5% of the share.
The newly-built terminal will feature a 750m long quay and is claimed to have a capacity of 1.2mTEU annual throughput capacity.
After a full build-out, TEC2 aims at doubling the quayside to 1,485m and increase the number of ship-to-shore (STS) cranes from seven to 15, and more than double annual throughput capacity to 4.1mTEU.
At the backdrop of a sagging global and regional Latin American economic growth coupled with slow global container shipping growth rates, the creation of the new terminal is projected to generate 26% of Mexico’s economic output and is expected to bolster the country’s international trade.
APM Terminals CEO Kim Fejfer said: "Mexico is not only the second-largest economy in Latin America, but also one of the world’s top 15 manufacturing economies, including having become one of the world’s top five car makers, and we feel that investing in Mexico’s continuing economic and trade progress is a sound business strategy."
US accounts being the destination of 78.8% of Mexican exports and provides 49.1% of Mexico’s imports which is expected to improve by connecting the TEC2 to the US rail network by intermodal rail.
Following the linking of the US, Canadian and Mexican Markets 22 years ago by the North American Free Trade Agreement (NAFTA), the US have become an important sector of Mexico’s $1.16trn economy.
APM Terminals’ acquisition of Grup Maritim TCB’s Latin American assets will increase their operational presence in Puerto Progreso, on Mexico’s Gulf Coast.
APMT’s other Latin American operations include two terminals in Colombia, Peru, Argentina and a further four in Brazil, with new terminal also in development inn Quetzal, Guatemala and Moin, Costa Rica.
Image: APM Terminals readies phase I of Lázaro Cárdenas Terminal project. Photo: courtesy of APM Terminals.