APM Terminals wins Lázaro Cárdenas port concession

Thursday, December 29, 2011

Port operator APM Terminals, subsidiary of Danish shipping company Maersk, announced it has been awarded the contract to build a second terminal at Lázaro Cárdenas port on Mexico's Pacific coast.

APM will invest US$900mn over the course of the 32-year concession, which entails the design, financing, construction, operation and maintenance of the new container terminal, the firm said in a release.

Mexican construction firm ICA (BMV, NYSE: ICA) will also hold a 5% stake in the terminal.

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Work will be carried out in two phases, the first of which is expected to cost US$300mn and involves building a 43ha container yard, a 650m quay with two berths, an administration building, warehouses, gates and modern on-dock rail facilities, the release said.

Phase I is due to wrap up in 2015, and operations are scheduled to start in the first quarter of that year.

The new port will boost the country's international trade competitiveness, attract more foreign investment and reduce logistics costs through higher operational efficiency, said APM CEO Kim Fejfer.