15 January 2024 (Lloyd's List) - MAERSK's terminal unit APM Terminals has executed an earlier letter of intent for the development of a $500m "state-of-the-art" box terminal with Louisiana’s Plaquemines Port.

The US Gulf coast terminal will be the closest to the mouth of the Mississippi river, and holds "significant potential" to enable new business west of the waterway, according to a statement.

The initial phase will encompass 200 acres, with options to expand up to 900 acres, with on-dock rail and a berth capable of handling 14,000 teu ships.

"This greenfield site has all the potential to evolve into one of the big ship gateways into the US," said APM's senior investment adviser to chief executive Wim Lagaay.

"This venture allows us to build from the ground up, integrating cutting-edge technologies and sustainable practices to create a modern logistics hub that prioritises safety, efficiency, and productivity."

The port will lease the land to APMT under a 30-year agreement with extension options.

The $500m initial investment will be privately funded.

APMT currently operates four box terminals in the US and 62 worldwide.

Plaquemines Port and APMT announced an operating agreement in 2021.