CMA CGM gains concession for Syrian port

CMA CGM has turned the downward trend of business on its head with a new concession agreement to manage and operate the Lattakia Container Terminal in Syria under a 10 year contract, in its 29th investment in worldwide port terminals.

As Syria’s main port within the Mediterranean, the joint consortium with Souria Holding, a Syrian Limited Liability Company, plan to increase the terminal’s current capacity to 1m teu by 2012 through investment in infrastructure and equipment; a definitive push through the sludge of economic recession.

Farid Salem, CMA CGM Group Chief Executive Vice-President, said: “This new concession agreement will reinforce CMA CGM’s presence in Syria and further improve the quality of service offered to both the port’s customers and the group’s own vessels and customers. It will serve as a strategic base, which will improve the group’s coverage of the region and connect Lattakia to the world’s biggest ports.”