“Mexico is not only the second largest economy in Latin America, but also one of the world’s top 15 manufacturing economies, including having become one of the world’s top five car makers, and we feel that investing in Mexico’s continuing economic and trade progress is a sound business strategy,” stated APM Terminals ceo Kim Fejfer, who toured the TEC2 site on Mexico’s Pacific Coast earlier last week.
The US is the destination of 78.8% of Mexican exports, and also provides 49.1% of Mexico’s imports, followed by China (16.1%) and Japan (4.5%). The International Monetary Fund (IMF) has projected the Mexican economy to grow by 2.6% in 2016 and by 2.9% in 2017.
Mexican ports handled a combined 5.4m teu in 2015, reflecting a growth rate of 7%, far outperforming global container market growth of just over 1% for the year. Throughput at the Port of Lazaro Cardenas rose by 6% in 2015 to 1.05m teu, trailing only Manzanillo, with 2.4m teu handled in 2015 among Mexico’s busiest container ports.
At full build-out, TEC2 will double the quayside to 1,485 metres, increase the number of STS cranes from seven to 15, and more than double Lazaro Cardenas annual throughput capacity to 4.1m teu. TEC2 will be linked by intermodal rail to the US rail network and to Mexico’s most important consumer market, in the Mexico City area.
With the completion of the APM Terminals acquisition of Grup Maritim TCB’s Latin American assets, the APM Terminals global terminal network has added operations in Puerto Progreso, on Mexico’s Gulf Coast. APM Terminals’ other Latin American operations now include interests in two terminals in Colombia, one in Peru, one in Argentina, and four in Brazil, with new terminals also in development in Quetzal, Guatemala and Moin, Costa Rica.
“We view the Latin American market, and particularly Mexico, as an area of great opportunity,” Fejfer said.
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