CMA CGM Makes First Step Towards Panama Canal Hub

By Finance

CMA CGM Group’s Executive Officer, Farid T. Salem, made an announcement that CMA CGM, the third largest carrier in the world, has managed to sign an agreement with Jamaica’s Port Authority according to which CMA CGM Group is granted the Kingston Container Terminal (KCT) concession for a duration of 30 years.

Kingston Container Terminal

Photo: KCT

This step issues further confirmation of CMA CGM’s plan on creating a Caribbean maritime hub before the opening of the new expanded Panama Canal.

Jamaica Prime Minister, Portia Simpson-Miller, along with French President François Hollande’s Special Representative in the Caribbean and Latin America, Jean-Pierre Bel, attended the signing of the important agreement.

Given the 2,400 meters of wharf in total, along with the 80ha surface and 15.5 meter draught, the Kingston Container Terminal is going to make quite a significant increase to its yearly capacity, jumping up to a solid 3.6 million of TEU containers.

According to plans, the terminal is also going to be equipped with 60 port riders and 14 gantry cranes, which will place it among the top five ports in the Caribbean.

The first phase of the above-mentioned expansion project for the Panama Canal is scheduled for completion in 2016. The project will make it possible for bigger ships to transit from the Pacific Ocean to the Atlantic.

“This is a major investment for the company and one that simply must be done in anticipation of the expansion process of the Panama Canal, which according to expectations is to be finished in 2016 and will lead to a larger development of the whole area. Thus CMA CGM Group has yet again solidified its aspirations of continuously improving its customer services,” commented Farid T. Salem.