CMA CGM Group, through its subsidiary Terminal Link (Miami) LLC, and APM Terminals North America, announced that the Miami-Dade Board of County Commissioners unanimously approved a resolution authorizing a joint venture for marine terminal operations at the Port of Miami.
Terminal Link serves as the signatory of the 15-year agreement with Miami-Dade County and the terminal will be operated by a joint venture company, South Florida Container Terminal, in which Terminal Link will hold a 51% stake and APMT will hold 49%. The terminal will operate on the 71-acre site formerly held by APMT and is renewable for two five-year periods.
“As of today, CMA CGM Group has invested in 24 container terminals worldwide, of which three are in the US, as part of its continued strategy aiming at securing berthing space for its vessels, and ensuring the speed and efficiency of its shipping operation. Miami is an integral part of our network and this endeavor continues to confirm our commitment to the US,” said Farid T. Salem, CMA CGM Group Chief Executive Vice President.
The agreement authorizes the terminal to operate as a “Common User Terminal” and offer services to all shipping lines. Historically, there has only been one common user terminal in Miami. Initially, the South Florida Container Terminal will service CMA CGM, which currently has five liner services calling at Miami, and Maersk Line, whose services account for the second highest throughput of all cargo carriers at the port.
“APM Terminals continues to view Miami as a strategic fit into our North America and global terminal networks,” said Eric Sisco, President of APM Terminals North America. “We are pleased to expand our relationship with Terminal Link and CMA CGM in this joint venture which we believe offers the right foundation for continued growth of the Port of Miami.”
The terminal includes a 5000-foot quay (of which, 2000 feet are offered for priority berthing to the JV), 8 gantry cranes (of which 4 are allocated for priority use by the JV), and a 40-foot draft to be deepened to 50 feet by 2015. The approved agreement also represents a minimum total investment of 25 million USD toward terminal infrastructure upgrades and improvements.