Costa Rica gave the final go-ahead for APM Terminals’ 33-year concession to build and operate a $992 million container terminal at the Caribbean port of Moin.
APM Terminals said it would now begin an 18-month implementation phase and final design work to submit to the government for approval.
Construction of the terminal, located 10 hours by sea from the Panama Canal, is due to start in the fourth quarter of 2013.
“APM Terminals is very pleased with the pace and dedication with which the Costa Rican government has focused on advancing this project. The administration has demonstrated this is a top priority, and we intend to follow through on inaugurating the first phase of this project on schedule in 2016,” said Paul Gaille, managing diretor, APM Terminals Moin.
The terminal will be developed at a time when the Panama Canal is being expanded to handle the larger container vessels cascading into the region from other trade routes, APM Terminals said.
A.P. Moller-Maersk’s port operating unit has not given any details about the terminal’s capacity in the first phase, but said it would be expanded in line with the provisions of the concession agreement.
Contact Bruce Barnard at brucebarnard47@hotmail.