APM Terminals has secured final approval from Costa Rica’s Comptroller General Office for its $992m MOIN Container Terminal (TCM ) concession.

After the approval, the company will begin an 18-moth implementation phase, during which it will perform all the required studies and final design work, which will then be passed on for approval to the Costa Rican government.

The next stage of the project will be the dredging across the access channel and the turning basin as well as reclaiming the island terminal site.

APM Terminals Moin managing director Paul Gallie said after the approval the company intends to follow through on inaugurating the first phase of this project on schedule in 2016.

"Modern container terminals play a pivotal role in improving the efficiency of the logistics chain which results in a lower door-to-door transportation cost," Gallie said.

The company will design, finance, build and maintain the new Moin Container Terminal (TCM) on the Caribbean coast under 33-year concession contract signed with the Costa Rican Government, last year.

Currently the port, located 10 hours by sea from the Panama Canal, handles up to 80% of the country’s international commerce.

The overall goal of the project is to develop and provide world-class marine terminal container handling services, increasing the competitiveness of Costa Rica’s international commerce.

Construction of the terminal will start in 2013 and is expected to be completed by 2016.

Phase I of the TCM will consist of a 40ha of yard, 600m of quay, 2 berths, a 1.5 km breakwater, a 16m deep access channel and six post Panamax ship-to-shore gantry cranes.

When fully completed, the terminal will have an area of 80 hectares with 1,500m of quay wall, five berths, a 2.2 km breakwater, an 18m deep access channel and nine or more post Panamax ship-to-shore gantry cranes.