Mitsubishi has announced that it has joined with Colombia’s Daabon Group to establish a port holding company in Santa Marta, Colombia. Mitsubishi will hold 25% of the shares in the joint venture.
In a statement, Mitsubishi said that: “Due to steady economic growth in Colombia and the expansion of the Panama Canal, import/export volumes at Santa Marta are expected to increase. Therefore, there are several ongoing plans to expand the capacity of the port.”
The company added that Santa Marta is the only Colombian port that can accommodate post-Panamax vessels as it is the only one whose jetties have a wide enough draught.
Santa Marta is on the Carribean coast of Colombia and currently has the third largest cargo volume of Colombia’s ports.
Daabon Group is a Colombian business group based in Santa Marta which engages in a wide range of business activities.