CMA CGM Creates Panama Canal Hub
CMA CGM, the world’s third-largest carrier, has announced Farid T. Salem, CMA CGM Group Executive Officer, has signed an agreement with thePort Authority of Jamaica which grants the CMA CGM Group the concession of Kingston Container Terminal for 30 years.
The move signifies CMA CGM’s clear intention to create a Caribbean maritime hub before the expanded Panama Canal opens for business.
With a total 2,400 meters of wharf, an 80ha surface and a 15.5 meters draught, Kingston Container Terminal will increase its annual capacity to 3.6 million TEU containers. It is also to be equipped with 14 gantry cranes and 60 port riders. The terminal extension is planned to render Kingston one of the top five Caribbean ports.
The Panama Canal expansion, the first phase of which is expected to be completed in 2016, will allow larger vessels to transit from the Pacific Ocean to the Atlantic.
Farid T. Salem said: “This is a key investment for the CMA CGM Group. With this terminal, the group anticipates the Panama Canal widening, expected to be completed in 2016, and the entire area development that it will create.
“The CMA CGM Group therefore reaffirms its ambition to offer additional services to our core business, in order to improve our clients’ needs satisfaction.”