APM Terminals, part of the A.P. Moller-Maersk Group, has signed a $550 agreement to build a new container terminal in Bangladesh.

Under the agreement, the company will obtain a 30-year concession to operate the Laldia Terminal at Chittagong Port, with the possibility of extension based on key performance indicators (KPIs). This move will enable more large vessels to berth at the port in the Asian country.

The deal was reportedly signed jointly by the Chittagong Port Authority, APM Terminals, and local partner QNS Container Ltd.

The terminal is expected to be operational by 2030, increasing the port's annual handling capacity by more than 800,00 TEUs. Once completed, the new deep-water facility will gradually allow Chittagong to accommodate vessels with a maximum container capacity of up to 6,00 TEUs, compared to the current capacity of 2,800 TEUs.

Bangladesh's Chief Adviser Muhammad Yunus described terminal as the country's first green port and also the largest single foreign direct investment from Europe in Bangladesh.

Danish Foreign Minister Lars Løkke Russen noted that Maersk accounts for nearly 30% of Bangladesh's container import and export traffic and characterized the new investment as a testament to their long-standing.

APM Terminals is a global port operator headquartered in The Hague and part of the A.P. Moller-Maersk Group