In March 2011, APM Terminals was awarded a 33-year concession for the development and management of the new Moin Container Terminal at Puerto Limón, Costa Rica. The $1 billion container terminal is slated for completion in 2016.
APM Terminals is a private industry container terminal builder and port management organization. Founded in 2001 the company is presently in 58 countries with 167 ports and with offices worldwide and annual revenue US$4.45 billion (2014).
As a major component of Costa Rica’s continued growth in international commerce, the new Moin Container Terminal will also play a critical role for the entire Caribbean coast of Costa Rica. Since the projects inception the region has seen a significant increase in investment from foreign investors for support services development such as local transportation, and distribution operations and warehousing which will have a real impact on the region’s growth. Investor confidence is also being reflected in the real estate developers industry, the tourism industry, Free Trade Zone investors as well as the manufacturing sector.
The current port facilities at Limon have a reduced capacity for large vessels with the time needed for each ship to be attended (load, unload process) to being approximately 24 hours, sometimes more. The new facilities will see a direct investment of US$ 992.2 million, and will significantly reduces ship turn-around time. This turn-around, access and capacity will benefit from the Panama Canal expansion, having been designed to serve the larger post-panamax ships.
The construction phase of the project requires approximately 700 workers for the first 3 years of construction, then another 600 people to operate the terminal initially, and eventually that number will rise to about 1000 workers.
How many indirect jobs could be created through this project and the supporting developments is hard to say, however the administration has indicated it could be in range of 10,000 jobs that will be created in Limon region.
This new facility and the supporting infrastructures have the region abuzz with investors, business people and residents. Infrastructure has always been precursor to growth and this is a mega development in a small region, leading many to think that the next Central American boom will be Costa Rica’s Caribbean coast.
Source: The Costa Rica News
