COSCO SHIP PORT (01199) announced that on May 28, 2026 (Spanish time), Navis Investment and PTP received official notification from the port authority stating that its board has approved granting a concession to a project company to be established by Navis Investment and PTP. The formal awarding of the concession is subject to conditions, including the incorporation of the project company and the formal execution of the concession agreement with the port authority.
The Tarragona Project involves the construction and operation of a multipurpose maritime cargo terminal at the Andalusia Terminal in the Port of Tarragona, which includes the integration of the adjacent La Boella rail-port intermodal terminal. The approved concession period is 50 years, covering a total concession area of approximately 510,586 square meters. This includes an area of about 452,219 square meters within the port zone and approximately 58,367 square meters for the La Boella rail-port intermodal terminal. Terminal operations are expected to commence in phases, depending on the staged handover of the concession area and the completion of construction works.
Upon full operation, the multipurpose terminal is anticipated to handle a diverse cargo mix, including containers, general cargo, automobiles, ro-ro cargo, and rail-transported goods. The Tarragona Project presents a strategic opportunity for the group to further expand and diversify its portfolio of port and terminal operations at a key logistics hub on the western Mediterranean coast.
The Port of Tarragona's strategically advantageous location in Southern Europe, supported by well-developed infrastructure for bulk, general cargo, and multipurpose terminal operations, provides connectivity to major surrounding industrial and logistics hinterland areas. The strong linkage with the La Boella rail-port intermodal terminal is expected to enhance multimodal transport efficiency and provide environmentally sustainable logistics support for distribution in the Southern European hinterland.
Securing this concession is anticipated to consolidate the group's business footprint in Europe and enhance its participation in Mediterranean trade flows. Participation in the Tarragona Project aligns with the group's long-term strategy of investing in quality port assets capable of generating stable and predictable returns through long-term concession arrangements. The group aims to strengthen its recurring earnings base, improve profitability, and support sustainable long-term growth by developing and operating a multipurpose terminal integrated with maritime and rail connectivity.
The Tarragona Project also enables the group to broaden its business coverage across multiple cargo categories—containers, general cargo, automobiles, and project cargo—thereby enhancing operational flexibility and resilience against volatility in specific cargo types or trade lanes. The terminal's integrated design, coupled with its advantage of connecting to inland rail facilities, allows the Tarragona Project to adapt to evolving logistics patterns and the industry's increasing emphasis on multimodal solutions.
The directors believe that partnering with PTP, a local experienced port operator with a solid business presence and operational capabilities in Spain, will benefit the project company through PTP's local market knowledge, operational expertise, and relationships with customers and stakeholders. This collaboration is expected to generate operational synergies, enabling the project company to combine the group's international port management experience with PTP's local capabilities, thereby enhancing the terminal's efficiency and competitiveness.
Furthermore, PTP's involvement is expected to strengthen the project company's position by leveraging its established track record and logistics network in South America, facilitating trade between South America and Europe. The terminal is projected to serve as a multimodal logistics hub, promoting cargo flows between Europe and other regions, including Asia, Europe-Middle East-Africa (EMEA), and Latin America. In particular, the terminal is expected to support cargo movements between Southeast Asia and South America with Europe as the destination or origin.
Having considered the strategic advantages of the Tarragona Project, the nature of the concession arrangement, the complementary strengths of the joint venture partners, and the long-term development potential of the Port of Tarragona, the directors consider the terms of the Tarragona Project to be fair and reasonable and that the investment in the Tarragona Project is in the overall interests of the company and its shareholders.