APM Terminals partners with Compañia de Puertos Asociados

APM Terminals and Compañia de Puertos Asociados S.A. (Compas S.A.), a Colombian-based port and terminal operating company, recently signed a joint venture agreement to operate Compas S.A.'s existing multipurpose Cartagena Terminal together. 

“Colombia represents one of the most promising investment opportunities in the region and we are pleased to participate in the country’s ongoing economic growth and development,” APM Terminals CEO Kim Fejfer said. “Cartagena has enormous significance in South America ports and this JV underlines APM Terminals' growth and investment plans.”

APM Terminals and Compas S.A. will jointly invest more than $200 million in upgrading and expanding the Cartagena Terminal, including state-of-the-art terminal equipment. The upgrade will triple annual throughput capacity for the terminal to handle the larger vessels going through the widened Panama Canal.

Compas S.A. will continue to be the concession holder and APM Terminals will hold a 51 percent majority share in the joint venture that will run the facility.

“Compas S.A. has the service reputation and expertise in Cartagena and Colombia that ideally fits our Latin America partner strategy and port development ambitions,” Joe Nicklaus Nielsen, APM Terminals vice president and global head of container business development, said. “We look forward to working with them on developing the Cartagena terminal further.”