The CMA CGM Group has signed an agreement with the Port Authority of Jamaica granting the group the concession of Kingston container terminal for 30 years.
Kingston container terminal aims to increase its annual capacity up to 3.6 million TEU containers, becoming one of the Caribbean top five ports.
The Panama Canal, whose widening is expected to be completed in 2016, will allow larger vessels with up to 12,600 TEUs in the area.
The terminal, where CMA CGM market share accounts for between 35 and 40 per cent, will be open to all shipping lines, benefitting from the same quality of services and treatment without discrimination.
The CMA CGM Group operates in 24 terminals worldwide and handles more than 14 million TEU each year.
Last year, the group reported revenues of $16.7 billion, an increase of 5.3 per cent year-on-year. Volumes carried increased by 8.1 per cent to 12.2 million TEUs.