APM Terminals CEO Kim Fejfer visits the Onne facility as emerging market strategy shows strength.
The Port of Onne’s West Africa Container terminal (WACT) has recorded container volume growth of 18% through May 2010 as compared with the same period in 2009 as West Africa and other economically emerging markets set the pace for trade recovery. The April 2010 World Economic Outlook released by the International Monetary Fund (IMF) has projected emerging economies to grow at an annual rate of 6.3% for 2010, significantly outperforming the 2.3% economic growth rate forecast for the advanced economies of North America, Europe and Japan. In 2009, 37% of APM Terminal’s revenue was generated in emerging markets of Asia, Africa, Latin America and the Middle East.
APM Terminals CEO Kim Fejfer toured the WACT facility, which had container throughput of 87,000 TEUs in 2009, representing a 20% increase over 2008 volume, while in Africa to meet with senior managers of other ports and terminals within the APM Terminals Global Terminal Network in the region.
“This is certainly an important part of our global operations at present, and progress such as what we have seen here in Onne and at other West African ports emphasizes the growing role of this region in world trade in the future” said Fejfer.
The Port of Onne, one of two Nigerian facilities managed by APM Terminals, is located along the Bonny River near Port Harcourt in Rivers State within the Onne Oil & Gas Free Zone, and is the largest oil support port in the Southern Hemisphere. Nigeria, which with a population of 150 million is Africa’s most populous country, ranks 10th globally in proven oil reserves. The IMF has projected Nigeria’s economy to grow by 7% in 2010, up from 5.6% in 2009.
“Investment in modern port infrastructure is a basic building block of economic growth, which our experience has shown leads to rapid progress in local prosperity and social progress as well” noted Fejfer, adding “Commitment to local community prosperity, health and well-being is one of the pillars of our business philosophy”.
APM Terminals also operates the Apapa Container Terminal, the largest container facility in West Africa, and has interests in Angola, Benin, Cameroon, Congo, Ghana, and the Ivory Coast. APM Terminals was recently also name preferred bidder for the concession at the Port of Monrovia, Liberia.