APM Terminals inaugurated its APM Terminals Moín which has been established to enable the shipping of products on transatlantic routes to European and Asian markets without transshipment. The project represents a total investment of USD 1 billion and is built on a 40-hectare artificial island. The terminal has a 650-meter long pier and a container yard with the capacity to hold 26,000 TEUs (Twenty-foot Equivalent Units), including power connection capacity for 3,800 refrigerated containers. Refrigeration is essential as Costa Rica is currently the world’s largest exporter of pineapples and third largest exporter of bananas. "At APM Terminals we partner with governments to become the best port operator in the world and Moín is a great example. Without any doubt, we are inaugurating today a new era in international and intra-regional trade in Central America,” said Morten H. Engelstoft, CEO of APM Terminals. “One of the goals of the Costa Rican Government is the job creation with a territoriality approach and, with this project that we are inaugurating today, the conditions of competitiveness and economic reactivation are being created for the province of Limón and also for the entire country, ” said Carlos Alvarado Quesada, President of the Republic of Costa Rica. Moín starts operations with 650 employees, mostly trained under an agreement with the National Institute of Learning (INA in Spanish). A socioeconomic impact study, validated by the Central American Academy, claims that Moín has the potential to generate 147 thousand indirect jobs in the following decade nationwide. APM Terminals stated it will also make a contribution, with 7.5% of their net income being paid to the Board of Port Administration and Economic Development of the Caribbean (Japdeva, in Spanish). This will equate to approximate USD 20 million on an annual basis. The region aims to attract a high percentage of the ships that transit through the Panama Canal. The number of shipping routes that reach the Moín Container Terminal is projected to increase by as much as 285 percent. The six gantry cranes and the 29-yard cranes represent a USD 110 million investment and will allow the terminal to continuously perform an average of 180 movements per hour for loading and unloading, according to APM.