Mitsubishi Testing New Waters
Mitsubishi Corporation (MC) has entered into the sea port terminal business in Santa Marta, Colombia. MC joins forces with Daabon Group1, which develops sea port terminal business activities along Colombia’s Caribbean Coast, to establish a port holding company.
MC will participate in the joint venture with a 25% shareholding.
Located on the Caribbean Sea, the Port of Santa Marta is a multi-functional terminal which mainly handles coal, fuel oil and palm oil, as well as container cargo, grain and general cargo.
As the only port that has jetties with enough draft (18m) for post-Panamax vessels, Santa Marta has the third largest cargo volume in Colombia.
Due to steady economic growth in Colombia and the expansion of the Panama Canal, import/export volumes at Santa Marta are expected to increase.
Therefore, there are several ongoing plans to expand the capacity of the port so that Santa Marta will play an even more important role as a transportation hub.
Press Release, July 29, 2014