Tangier Mediterranean Port - Second Container Terminal

active

In September 2005, a consortium led by Eurogate-Contship was awarded a 30-year build-own-tansfer (BOT) contract by the Tangiers Mediterranean Special Agency (TMSA) to develop a greenfield container terminal at the Tangier Mediterranean Port (TMP), Morocco. This container terminal was designed to have a capacity of 1.3 million TEU per annum. This container terminal constituted the second container terminal to be developed at TMP. The first container terminal with an identical capacity was being built and operated by AP Moller Maersk. The BOT agreement between TMSA and the winning consortium was signed in January 2006. The winning consortium comprised of German-Italian Eurogate-Contship (40%), Switzerland’s Mediterranean Shipping Company or MSC (20%), France’s CMA-CGM (20%) and Morocco’s state-owned shipping firm, Comanav (20%). A consortium of a Hong Kong-based conglomerate, Hutchison, and a private Moroccan shipping firm, IMTC, had also bid for the concession. Information on the name of the project company formed by the winning consortium was not available from public sources. Under the agreement, the winning consortium agreed to commit a total investment of US$140 million (€120m) by 2010 and €300m during the 30-year concession period. In September 2008, the project was financed through US$57 million equity and US$143 million 7 year loan (BNP Paribas: US$47m, Banque Marocaine du Commerce Exterieur: US$47m and Banque Marocaine pour le Commerce et l'Industrie: US$47m). This container terminal was scheduled to commence full commercial operations by January 2009.