Maersk unit to operate Turkish hub

APM Terminals and Turkey-based Petkim have entered into a final agreement to create one of the biggest Turkish container and general cargo terminals at an initial investment of $400 million, the ports business of maritime services giant AP Moller Maersk said.

The project, Aegean Gateway Terminal (AGT), will be entirely operated by APM Terminals for up to 28 years under a concession agreement with operations expected to start in summer 2015.

The AP Moller-Maersk group said the agreement means that APM Terminals will assume full operational responsibility for the container terminal and general cargo operations in AGT.

The construction of the terminal will be carried out by APM Terminals’ partner in the deal, but under The Hague-based terminal operator’s technical and operational specifications.

The initial investment for the container terminal is estimated at $400 million with further investments depending on market demand, the group said. APM Terminals said its right to operate the port for a period of 28 years may be extended further.

The hinterland for the port is the Aegean Region with a population of 9.6 million. With current market utilization already at 90 percent, the area needs more port capacity to service growth.

Container volume growth in the Izmir area is driven by a combination of industrial manufacturing, import of consumer goods for a rapidly growing population and agricultural exports.

Petkim’s port will offer a water depth of 15.5 meters and an efficient access to Turkey’s high-growth market, the Maersk group said.

The initial capacity of the new container terminal will be 1.5 million 20-foot equivalent units (TEUs), which is 50 percent more than the capacity of the Alsancak Port in Izmir. The facility expects to start operations in the summer of 2015.

Source: malaya.com.ph