APM Terminals (APMT) and Colombian terminal operator Compas have finalised a joint venture which will manage and operate a multipurpose facility in Cartagena.
The terminal, which is currently operated by Compas, has an annual capacity of 250,000 teu and 1.5m tonnes of general cargo.
The joint venture will invest over US$200m in upgrading and expanding the facility to triple its capacity and enable it to handle the 13,000 teu vessels which are expected to call when the Panama Canal is expanded.
APMT will hold a 51% share in the operator, which will be called Cartagena Container Terminal Operator (CCTO).
Many of the Caribbean container terminals are expanding in preparation for the opening of the expanded Panama Canal, which is expected in 2016.
APMT itself is currently building another terminal in the Caribbean, in Moin, Costa Rica, which will open in 2018.