APM Terminals Lazaro Cardenas

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In December 2011, the APM Terminals (95%), a subsidiary of the Danish group Maersk, and the Mexican construction company ICA (5%) won in a competitive bidding the right to build, lease and operate a new 4.1 million TEU container terminal at Lazaro Cardenas Port in Mexico. The facility was named Lazaro Cardenas Terminal 2 (TEC 2). The bidding criteria was the best technical and economical proposal. The port authority conducted the bidding process, but no additional information on the other bidders was available. The sponsors created the company APM Terminals Lazaro Cardenas S.A. de C.V. to lead the project. The 32-year contract was signed in August 2012. The project's investment was estimated at US$ 900 million. Construction works commenced in November 2012, and operations were expected to commence by the first quarter of 2015. In November 2013, the IFC approved a US$ 300 million loan to finance the first phase of the project, which included (i) the construction of a 750 meter quay, (ii) the creation of a 16.5 meter draft alongside the Terminal, (iii) installing the necessary cargo handling equipment and rail tracks, and (iv) developing an automated container yard and supporting backup areas and infrastructure. IFC’s long-term financing included USD$100 million from its own account and an additional USD$200 million raised through its syndication program from Bank of Tokyo-Mitsubishi UFJ, Ltd; Nordea Bank AB; and Skandinaviska Enskilda Banken AB. The estimated investment of this first phase was estimated at US$ 600 million.