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Tanger Med Port on Course for Unprecedented Traffic Surge in 2024
Morocco's premier port defies global disruptions, sets sights on new milestones.
In a year marked by global supply chain turbulence and security concerns, Morocco's Tanger Med Port is not just weathering the storm but thriving. The port is set to exceed its nominal processing capacity of nine million containers in 2024, according to Deputy Managing Director Rachid Houari. This anticipated milestone underscores the port's resilience and strategic importance in the maritime industry.
Despite the ongoing Gaza conflict and security threats in the Red Sea, Tanger Med has continued to report robust growth. Houari highlighted that the port’s operations have remained largely unaffected by these external pressures, allowing it to maintain a steady upward trajectory.
Record-Breaking Performance
Last year, Tanger Med cemented its status as the largest port in the Mediterranean, handling 8.61 million 20-foot equivalent units (TEUs). This impressive figure represents a substantial 13.4% increase from 2022, a testament to the port's operational efficiency and strategic significance.
The momentum has carried into 2024. In the first quarter alone, Tanger Med saw a 14.9% rise in tonnage, reaching 33.3 million metric tons. Additionally, revenue surged by 18.3%, hitting 1 billion dirhams ($100 million). While Houari mentioned that the final container figures for the year are yet to be confirmed, the growth trajectory is unmistakable.
Global Recognition
Tanger Med’s excellence hasn't gone unnoticed on the world stage. The port recently ranked fourth in the 2023 World Container Port Performance Index (CPPI), maintaining its position as the top port in Africa and Europe for the second consecutive year. The index, which evaluated 405 container ports globally, saw Tanger Med as a standout, especially among predominantly East and Southeast Asian ports in the top 20.
Operational Excellence
The operational statistics from 2023 further highlight Tanger Med’s impressive performance. The port managed a record 8.6 million containers, marking a 13.4% year-on-year increase. The number of vessels passing through the port also rose by 17%, totaling 16,900. This increase in traffic has translated into significant financial gains, with the port's revenue for the first quarter of 2024 growing by 18.3% to $1 billion compared to the same period last year.
Looking Ahead
As Tanger Med navigates through 2024, the port’s leadership remains confident in its ability to surpass its nominal capacity and set new records. This growth not only highlights the port's strategic importance but also its ability to adapt and thrive amid global challenges. With its resilience and robust performance, Tanger Med is poised to continue its upward trajectory, solidifying its position as a key player in the global maritime industry.