01/01/0001
Guatemalan port Intervention lifted
APM Terminals assumes full control of terminal operations
Rebranding as APM Terminals Quetzal
Guatemala City, Guatemala - APM Terminals was notified on June 19th that the intervention previously imposed by the Guatemalan Courts concerning the Terminals de Contenedores Quetzal (TCQ) container terminal has been lifted.
This key milestone for Guatemala's international trade enables APM Terminals to assume operational control of the facility and be rebranded APM Terminals Quetzal. Two vessels call the port weekly. The 8,600 TEU capacity CSAV Traiguen, became the largest vessel to call the port when it introduced weekly direct calls to the USA and Canada on April 12.
The intervention stems from actions by the previous owners of TCQ and how they obtained the terminal from the government. APM Terminals purchased the TCQ container terminal, then under development, as part of the Grup Maritim TCB portfolio acquisition in March of 2016. APM Terminals has not been charged with any wrongdoing in the case. APM Terminals holds an 85% share in TCQ as port operator with the International Finance Corporation (IFC) of the World Bank holding the remaining 15%.
Guatemalan ports handled a combined 1.57 million TEUs in 2016, surpassing Costa Rica with 1.34 million TEUs for 2nd place in Central America, after Panama, with its Canal-associated transshipment ports at Colon and Balboa, which handled 6.25 million TEUs in 2016, among the Central American nations. The two largest Guatemalan container ports are both located on the Caribbean Sea coast: Santo Tomas de Castilla, with a volume of 614,000 TEUs in 2016, and the neighboring Puerto Barrios, with 428,000 TEUs. The Port of Quetzal, on the Pacific Coast, 100 KM from Guatemala City, was the third-busiest container port in Guatemala in 2016, with 427,000 TEUs handed.
Rebranding as APM Terminals Quetzal
Guatemala City, Guatemala - APM Terminals was notified on June 19th that the intervention previously imposed by the Guatemalan Courts concerning the Terminals de Contenedores Quetzal (TCQ) container terminal has been lifted.
This key milestone for Guatemala's international trade enables APM Terminals to assume operational control of the facility and be rebranded APM Terminals Quetzal. Two vessels call the port weekly. The 8,600 TEU capacity CSAV Traiguen, became the largest vessel to call the port when it introduced weekly direct calls to the USA and Canada on April 12.
The intervention stems from actions by the previous owners of TCQ and how they obtained the terminal from the government. APM Terminals purchased the TCQ container terminal, then under development, as part of the Grup Maritim TCB portfolio acquisition in March of 2016. APM Terminals has not been charged with any wrongdoing in the case. APM Terminals holds an 85% share in TCQ as port operator with the International Finance Corporation (IFC) of the World Bank holding the remaining 15%.
Guatemalan ports handled a combined 1.57 million TEUs in 2016, surpassing Costa Rica with 1.34 million TEUs for 2nd place in Central America, after Panama, with its Canal-associated transshipment ports at Colon and Balboa, which handled 6.25 million TEUs in 2016, among the Central American nations. The two largest Guatemalan container ports are both located on the Caribbean Sea coast: Santo Tomas de Castilla, with a volume of 614,000 TEUs in 2016, and the neighboring Puerto Barrios, with 428,000 TEUs. The Port of Quetzal, on the Pacific Coast, 100 KM from Guatemala City, was the third-busiest container port in Guatemala in 2016, with 427,000 TEUs handed.