APM TERMINALS Moin Container Terminal is (TCM) 33-year concession agreement with the Government of Costa Rica has received final endorsement from the state Comptroller General.

APM Terminals, a unit of Denmark's AP Moller group, will be able to start the 18-month implementation phase performing all the required studies and final design work which, once completed, will be submitted to the Costa Rican government for approval.

The next stage will then be dredging the access channel and the turning basin and the start of reclaiming the island terminal site on the Caribbean side of the Central American country.

"APM Terminals is very pleased with the pace and dedication with which the Costa Rican government has focused on advancing this project. The administration has demonstrated this is a top priority and we intend to follow through on inaugurating the first phase of this project on schedule in 2016," said APM T Moin managing director Paul Gallie.

The concession requires US$992 million from the company for the design, finance, construction, operation and maintenance of the world-class container terminal in the Caribbean port of Moin, Limon province, representing the largest single infrastructure project in the country.

Currently the Caribbean port handles up to 80 per cent of the country's international commerce.

"We are a global specialist in terminal development and operations who have built similar projects on schedule, so we're very confident we can exceed Costa Rican expectations with this concession. Modern container terminals play a pivotal role in improving the efficiency of the logistics chain which results in a lower door-to-door cost. This will have a key positive impact, especially for the fruit export trade," assured Mr Gallie.

The overall goal of the project is to develop and provide world-class marine terminal container handling services, increasing the competitiveness of Costa Rica's international commerce.

Designed as a gateway terminal to handle Costa Rica's increasing containerised exports and imports, the terminal's is only 10 hours by sea from the Panama Canal.

Larger, modern vessels offer economies of scale, environmental efficiencies and additional reefer stowage, said the company statement.