Casablanca – Tanger Med Port, the largest in Africa and a key global maritime hub, is on track to surpass its container handling capacity in 2024. Officials project that over 9 million containers will be processed by the end of the year, building on its stellar performance from 2023. With sustained growth, strategic investments, and expanding global partnerships, Tanger Med continues to reinforce its position as a critical driver of Morocco’s economic growth and international trade.

Record-setting growth in 2023

Last year, Tanger Med Port achieved a milestone by handling 8.6 million containers, representing a 13.4% increase from 2022. This result solidified its status as the leading port in both Africa and the Mediterranean region. The port’s global ranking also climbed significantly, securing 4th place in the 2023 Container Port Performance Index (CPPI). Its remarkable operational efficiency and service quality have attracted attention from major global shipping companies, further establishing Tanger Med as a vital link in international supply chains.

Impressive performance in 2024

The upward trajectory has continued into 2024. During the first half of the year, the port handled 69 million tons of goods, a 13.9% increase compared to the same period in 2023. In the second quarter alone, the port processed 35 million tons of cargo. Officials anticipate that container traffic will surpass 9 million containers by year-end, potentially setting a new record.

Financially, Tanger Med’s revenue reached $103 million in the first quarter of 2024, marking an 18.3% increase year-on-year. For the entire first half of the year, total revenue amounted to $209 million, an 11.8% rise from the same period in 2023. This growth is attributed to the port’s expanding capacity and its strategic location at the gateway to the Mediterranean, connecting more than 180 ports worldwide.

Key drivers of success

Tanger Med’s success is not only due to its container traffic but also to the industrial zones adjacent to the port, which play a crucial role in driving Morocco’s export economy. These zones, home to over 1,200 companies and employing 110,000 people, contributed $1.55 billion in exports in 2023—20% of Morocco’s total exports. Notably, the automotive sector is a key growth area, with car exports accounting for 30% of Morocco’s exports in recent years.

Port officials attribute this success to the port’s strategic partnerships with leading global shipping giants like Maersk, Hapag-Lloyd, and CMA CGM, as well as its reputation for providing top-tier services. “Our strength lies in the quality of our services and the strategic partnerships we maintain,” said a port representative, highlighting that the port’s success is independent of disruptions in other regions like the Red Sea.

Investments and Future Expansion

Tanger Med’s continued growth is also fueled by significant investments in infrastructure. In the first half of 2024 alone, $31 million were invested in the development of new infrastructure, including roads, IT systems, and various other facilities. The port’s long-term plans include further expansion to accommodate rising global demand. Currently, Tanger Med operates three terminals, but experts believe that the port will need at least 10 terminals in the near future to remain competitive on a global scale.

Economic analysts predict that the port could handle 10 million containers in the next few years. “All indicators point to Tanger Med reaching 10 million containers soon. For 2024, we expect at least 9 million containers, a significant increase from the 8 million processed in 2023,” noted one analyst.

Global significance and future outlook

Ranked 19th among the world’s largest ports, Tanger Med continues to outshine many established European ports. It holds the top spot in Africa and the Mediterranean, outperforming ports in countries like France, Germany, and Italy. This global prominence has made it a preferred choice for shipping companies looking to distribute goods to Europe, North Africa, and beyond.

Tanger Med’s strength also lies in the high-quality services it offers, ranking 5th globally in terms of service quality. The port operates with millimeter precision, ensuring efficient, top-notch service for all vessels and containers. As a result, it has become a preferred hub for transcontinental shipping companies, with many using the port to redistribute goods across Europe and North Africa.

Tanger Med’s performance in 2024 reflects not only its growing importance in global trade but also its role as a cornerstone of Morocco’s economy. With record-setting container volumes, strong financial growth, and ambitious expansion plans, the port is well-positioned to continue its upward trajectory. As global trade continues to shift and evolve, Tanger Med is expected to play an increasingly vital role, securing its place as one of the world’s leading ports.

With a combination of strategic location, robust infrastructure, and service quality, Tanger Med is set to break new records and continue driving Morocco’s economic growth.