New Costa Rican Container Terminal Delayed Until 2019
The opening of APM Terminals' new container facility in Moín, Costa Rica has been pushed back a year due to construction difficulties.
Construction on the facility began in March 2015, and it is currently about 70 percent complete. But an APM spokesman confirmed last week that the project will not be prepared to open in January 2018, as specified in APM’s concession agreement with the Costa Rican government, due to unforseen difficulties.
The project has encountered several problems, including issues with the surface compaction of the reclaimed land upon which the terminal will be built; damage to a breakwater; and problems with pilings. The firm is working on potential solutions, and it estimates that the difficulties will result in additional costs of up to $60 million, including nearly $1 million in fines.
The delays are not expected to have a significant economic impact for Puerto Rican businesses, which already have access to other port facilities, but they will reduce APM's expected revenues for 2018. The $1 billion Moín terminal will eventually handle up to 2.5 million TEU per year, an amount worth hundreds of millions of dollars in port revenues.
When complete, the new terminal will quadruple the current port capacity, and it will be able to accommodate much larger Neopanamax vessels. It is expected to pick up transshipment cargo passing through the nearby Panama Canal and containerized reefer cargo from Central American fruit growers.