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Algeciras Port Authority Approves Entry Of CMA CGM Into TTI

Algeciras port authority approves entry of CMA CGM into TTI

Algeciras, Spain (PortSEurope) October 8, 2020 – Autoridad Portuaria de la Bahía de Algeciras (APBA – Port Authority of Algeciras) has approved the purchase from HMM Co Ltd of 50% of the shares minus 1 of Total Terminal International Algeciras SA (TTIA) by Isla Verde Algeciras Terminal Holding, SL (IVATH). The latter is 51% owned by CMA Terminals Espagne (CMA CGM) and 49% by the DIF Capital Partners group
through one of its subsidiaries. APBA, Gerardo Landaluce, described the event as “the economic news of the year” which would bolster the role of the port of Algeciras in Europe and internationally. CMA CGM becomes a partner not a customer. The news of the purchase was initially announced last August. TTIA is a modern semi-automatic container terminal, strategically located in the bay of Algeciras, at the Strait of Gibraltar directly on the main shipping routes for containerized maritime traffic to Asia, Europe, the Mediterranean, North and West Africa as well as North and South America. Such a strategic location has allowed the terminal to maintain strong volumes despite the Covid-19 crisis. TTIA operates under a concession provided by the Port of Algeciras Bay Authority which runs until 2043. TTIA will benefit from long-term support from both HMM and CMA CGM, who as major shipping companies and port operators, have decided to join forces to support and develop this strategic terminal. Copyright (C) PortSEurope. All Rights Reserved. 2020.

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