Lázaro Cárdenas port attracts over US$600mn to meet nearshoring demand

Mexico's Asipona national port system administration reported that Michoacán state's Lázaro Cárdenas port will have a five-year investment plan totaling 12bn pesos (US$617mn).

The capex consists of 5bn pesos in public funds and 7bn in private investments, according to the Asipona director in charge of Lázaro Cárdenas. "The investments are meant to increase capacity to operate according to the import and export outlook," Anselmo Osorio Fraga told local daily Milenio. 

The official said that 35% of the containers passing through the port contain commercial freight, while 35% are mining shipments and 30% are vehicles and other goods. 

Asipona's trade manager María Agustina Álvarez told El Sol de México outlet that the nearshoring boom has created the need to expand Lázaro Cárdenas, which will see four projects start next year through 2030. The biggest one is Isla de la Palma, an intermodal terminal, industrial park and service area on 608ha of former government land. 

Private companies like APM Terminals, Hutchinson Ports, Amports and Hyundai also plan projects to expand terminals.

The port is home to over 50 companies, including BYD, Tesla, Nissan, Honda, Toyota, KIA, Hyundai, Ford, Mazda, General Motors, Volkswagen, and BMW.