COSCO SHIPPING Ports, a subsidiary of the COSCO SHIPPING Group, and its joint bidding partner PTP Ibérica have received formal approval from the Port of Tarragona to construct and operate a multipurpose cargo terminal at the port.

Source: Port of Tarragona

The Port of Tarragona officially approved the project on May 28. According to the plan, the joint venture is now required to complete the formation of a project company and the signing of the final concession agreement.

Total investment for the project is estimated at $156.2 million, to be funded by the joint venture partners in proportion to their respective shareholdings. COSCO SHIPPING Ports, through its subsidiary Rapport Investment, will hold a 51% stake in the new project company, with PTP holding the remaining 49%.

The approved concession term spans 50 years. The joint venture will manage a total area of approximately 510,600 square metres of port and rail-linked transfer zones, comprising 452,200 square metres of terminal operating area within the port boundaries and an additional 58,400 square metres of supporting yard facilities at the La Boella rail terminal. The implementation of this project will further strengthen COSCO SHIPPING Ports' hub network in the Mediterranean region and enhance its multimodal transport service capabilities.

The joint venture is expected to commence operations by the end of 2026, with construction and renovation of related facilities to be carried out between 2027 and 2028. Once fully completed, the terminal is projected to achieve an annual throughput capacity of approximately 680,000 TEU.

Santiago J. Castellà, Chairman of the Port of Tarragona, hailed the arrival of COSCO SHIPPING and PTP as a "historic moment for the port." He stated emphatically: "We will not only recover our container operations and expand our breakbulk and vehicle handling capacity, but we will also become one of the main gateways to the Mediterranean for cargo flows originating from China, the Far East, and Latin America."

Castellà also praised "the boldness, vision, and effective work of the Port Authority team," emphasising that the decision by these two major international logistics groups to invest in Tarragona vindicates the port's development strategy, which is built around multimodal transport and its strategic geographic position.

Mr. Zhu Tao, Chairman of COSCO SHIPPING Ports, stated that the group's extensive operational experience and global network of terminals will strongly support the creation of "a modern, efficient, green, and safe multimodal terminal." He also affirmed the potential of the Port of Tarragona in terms of cargo diversification and multimodal infrastructure.

Mr. Lin Feng, Chief Financial Officer of COSCO SHIPPING Bulk, elaborated on the company's strategic transformation and upgrade of its multipurpose fleet, clearly indicating that the Port of Tarragona, given its strategic location, logistics capacity, and rail connectivity, will become one of the company's hub ports of call in the Mediterranean region.

Guillermo Misiano, CEO of PTP Group, reiterated the commitment of both companies to the economic development of the region and noted that the project will directly link the Port of Tarragona with COSCO SHIPPING's terminal network in Asia and Africa, as well as PTP's port infrastructure in South America.

The new multipurpose terminal will be functionally zoned to accommodate containers, breakbulk, and vehicles, and will include a cold chain logistics zone, alongside auxiliary operational and marshalling areas. COSCO SHIPPING will contribute its global shipping network and operational expertise, while PTP will provide its specialist capabilities in integrated logistics and temperature-controlled cargo.

The project is expected to generate approximately 150 direct jobs in its initial phase, potentially rising to 180 direct jobs once the terminal reaches full operating capacity. Additionally, it is expected to stimulate significant indirect economic activity linked to logistics, rail, customs, and industrial services.