Morocco's Tanger Med Port Expects to Exceed Nominal Container Capacity

A view of cargo and tankers ships sailing in the Strait of Gibraltar, located between the Musa mountain of Morocco and the coast of Spain, pictured from a tourist lookout in Tarifa, southern Spain, June 4, 2024. REUTERS/Jon Nazca
A view of cargo and tankers ships sailing in the Strait of Gibraltar, located between the Musa mountain of Morocco and the coast of Spain, pictured from a tourist lookout in Tarifa, southern Spain, June 4, 2024. REUTERS/Jon Nazca
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Morocco's Tanger Med Port Expects to Exceed Nominal Container Capacity

A view of cargo and tankers ships sailing in the Strait of Gibraltar, located between the Musa mountain of Morocco and the coast of Spain, pictured from a tourist lookout in Tarifa, southern Spain, June 4, 2024. REUTERS/Jon Nazca
A view of cargo and tankers ships sailing in the Strait of Gibraltar, located between the Musa mountain of Morocco and the coast of Spain, pictured from a tourist lookout in Tarifa, southern Spain, June 4, 2024. REUTERS/Jon Nazca

Morocco's Tanger Med port expects to top its nominal processing capacity of nine million containers this year, the port's deputy managing director told Reuters, adding security problems in the Red Sea had had little impact on traffic growth.
Last year, the port maintained its position as the largest in the Mediterranean, handling 8.61 million 20-foot equivalent units (TEUs), up 13.4% on 2022.
In the first quarter this year, tonnage rose 14.9% to 33.3 million metric ton, while revenue increased 18.3% to 1 billion dirhams ($100 mln), official figures showed.
"We also grew by a certain percentage in terms of containers," Rachid Houari told Reuters, saying that the exact figure was for year's end.
"Now each terminal is doing a little bit more in traffic than the theoretical capacity, that is why I think we will do a little bit better than nine million containers," he said, in an office overlooking an export terminal full of Morocco-made cars.
"We want our port to function to its maximum best productivity," he said, noting terminal TC1 run by APM TT which processed 2.5 million TEUs last year, compared with its nominal capacity of 1.5 million TEUs.
The port's growth drivers are its location at the entry of the busy Mediterranean, its connection with 180 ports, and its partnerships with big shipowners and terminal operators such as Maersk, Hapag Loyd and CMA CGM, Houari said.
The port has often been mentioned as benefiting from the re-routing of container ships around Africa to avoid attacks by Iran-aligned Houthi militants in the Red Sea.
Containers crossing the Red Sea represented only 25% of the port's traffic, with many vessels still crossing the Suez Canal despite disruptions, Houari said, noting the bulk of the port's traffic is with Africa, Europe and the Americas.
The port is backed by industrial zones that are home to 1,200 companies that employ 110,000 people, generating exports worth $15 billion last year, or 20% of overall Moroccan exports.
It plans to expand its industrial zones from 2,500 hectares to 5,000 hectares to attract more investors in high added-value industries, Houari said.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.