APM Terminals signed a 25 year concession agreement to operate and modernize the port of Monrovia, paving the way for a $120 million investment in its first fully-owned container terminal in Africa.
The company said it will construct a quay, establish efficient yard handling procedures, and install new equipment required to transform the Liberian port into "a more competitive, world class facility capable of handling modern, deep-draft vessels."
The Liberian government named APM Terminals, a unit of Denmark's A.P. Moller-Maersk, the preferred bidder to operate and modernize the port.
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APM Terminals will upgrade the port to handle ships of up to 4,500 20-foot equivalent units capacity at a 600-meter quay.
It will have an initial annual capacity of 75,000 TEUs and 750,000 tons of general cargo.
"As part of APM Terminals long term emerging markets strategy, we have thoroughly investigated the needs of our customers in the market serving them through a gateway into Liberia," said APM Terminals Senior Vice President and Head of New Terminals, Peder Sondergaard.
"This will be the first 100 percent APM Terminals owned terminal in Africa which is a big milestone for us and represents the company's positive outlook for the region," said Hans-Ole Madsen, APM Terminals Vice President for Business Development for Africa Middle East and Indian sub-continent.
Maersk Line, Safmarine, CMA CGM and Grimaldi are the major lines currently calling at Monrovia.
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