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LatinNews Daily - 01 March 2019

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In brief: Costa Rica

* Costa Rica’s President Carlos Alvarado has hailed the inauguration of APM Terminals Moín, a container terminal at the country's Moín maritime port in Limón province, which will enable products to be shipped on transatlantic routes to European and Asian markets without trans-shipment. According to a press release by Netherlands-based APM Terminals, the project represents a total investment of US$1bn and is built on a 40-hectare artificial island. The terminal has a 650m long pier and a container yard with the capacity to hold 26,000 twenty-foot equivalent units (TEUs), including power connection capacity for 3,800 refrigerated containers. Refrigeration is essential as Costa Rica is currently the world’s largest exporter of pineapples and third-largest exporter of bananas. According to the press release, APM Terminals will pay 7.5% of its net income to the board of port administration and economic development of the Caribbean (Japdeva). This will equate to approximately US$20m on an annual basis. The port will attract a very high percentage of the ships that transit through the Panama Canal. The number of shipping routes that reach the Moín Container Terminal is projected to increase by as much as 285%.