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Morocco’s port operator Marsa Maroc saw its topline increase 17% y-o-y to MAD 2.5 bn (c. USD 257.2 mn) in 1H 2024 on the back of increased operations, according to an earnings release (pdf).
Behind the numbers: Marsa Maroc saw a 14.5% growth in handled traffic to 31.1 mn tonnes across all cargo sectors, including transshipment, containers, bulk cargo, and vehicles. Container traffic was up 17% y-o-y to 1.4 mn TEUs during the period on the back of a growth in transhipment and domestic traffic where were up 22% and 11% y-o-y, respectively. Solid bulk traffic and general cargo recorded a 14% y-o-y increase to 10.8 mn tons, while liquid bulk was up 12% y-o-y on the back of increased oil imports.
Background: Marsa Maroc currently manages 24 terminals across 10 ports, handling some 57 mn tonnes in 2023. The port operator also manages Morocco’s Tangier Med Port’s Container Terminal 3 (CT3) with German-shipping giant Hapag-Lloyd, Eurogate International GmbH, and Contship Italia. CT3 has reached its full capacity of 1.5 mn TEUs.
Marsa Maroc has put focus on operational efficiency: The company invested up to MAD 164 mn during the first half of the year in a bid to renew its equipment fleet, according to its earnings statement.The first six months of the year also saw it signing a 25-year concession agreement in June with Nador West Med (NWM) for the NWM Eastern Container Terminal. The expansion will increase the port operator’s container handling capacity up to 6.5 mn TEUs with almost 5 mn TEUs dedicated to container transshipment. Marsa Maroc said it will invest EUR 200 mn in developing the first phase of the terminal, which is expected to be operational by 2027.
REMEMBER- There’s more from Marsa on the horizon: Morocco is lining up a tender for a floating LNG terminal at NWM port this summer. The operator is looking to close a financial agreement on the project in 2025 with construction, commissioning, and commercial operations due to begin in 2026. The terminal will connect to an existing pipeline that facilitates the import of 0.5 bn cubic meters of LNG per year from Spanish terminals, and which Morocco intends to connect to gas fields under development in the east and west of the country.
