Tuxpan Container Terminal

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In July 2011, the American company Stevedoring Services of America and the Mexican company Braniff (minority shareholder) won in a competitive bidding the right to build, lease and operate a new container terminal at Tuxpan Port in Mexico. The project consisted of (i) the construction of a 560 meter quay; (ii) the installation of four Super Post-Panamax Ship-to-Shore gantry cranes, eight Automatic Stacking Cranes (ASCs) and other terminal handling equipment; and (iii) the construction of a 13 hectare container yard. The facility's capacity was expected to reach 900 thousand containers per year. 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 special purpose company Riberas Pantepec S.A. de C.V. to lead the project, and the 20-year contract was signed in July 2011. The project's investment was estimated at US$ 370 million. In June 2014, the IFC approved a US$ 75 million A-loan to the project, but financial closure was achieved in May 2015, when Mexican banks Banobras and Bancomext have agreed to provide US$ 224 million in 15 year debt financing for the Tuxpan Container Terminal. Construction works began in April 2013, and operations were expected to commence by 2015. Updated investment year to 2015.