August 14 - Colombia based port and terminal operator Compañia de Puertos Asociados (Compas) signed a joint venture agreement with APM Terminals that will see the latter manage Compas' existing multipurpose Cartagena Terminal.
APM Terminals will hold a 51 percent majority share in the joint venture while Compas will continue as the concession holder.
The Compas Cartagena Terminal has an annual throughput capacity of 250,000 teu and 1.5 million tonnes of general cargo. The new venture intends to invest over USD200 million to upgrade and expand the facility, tripling throughput capacity in time for larger vessels transiting the Panama Canal, said APM.
"Compas has the service reputation and expertise in Cartagena and Colombia that ideally fits our Latin America partner strategy and port development ambitions. We look forward to working with them on developing the Cartagena terminal further," added Joe Nicklaus Nielsen, APM Terminals vice president and global head of container business development.