APM Terminals, the operator of Poti Port, is still awaiting a response from the Georgian government regarding its USD 300 million port expansion project, according to the company’s 2024 annual report.
The company submitted the project proposal in Q1 2024, aiming to build a 330-meter berth, a 1,500-meter breakwater, and a 6.8-hectare container terminal north of the existing port. The new terminal would handle at least 400,000 TEUs annually and significantly expand Georgia’s cargo capacity.
“Following successful negotiations, PSPC completed the preparation of the required agreements in early 2024 and was ready to sign,” the report states. “However, the process has since been suspended, and we are awaiting a government decision.”
While the agreement was expected to be finalized in 2023, with construction starting in 2024 and the first ship expected in 2026, no final deal has been signed to date.
In the meantime, APM says it will reinvest in the current port infrastructure to expand capacity for container and bulk cargo.
Financial Results for 2024
- Revenue: 224 million GEL (down 2 million GEL from 2023)
- Profit: 97 million GEL (down from 113 million GEL in 2023)
The Poti Port expansion has long been promoted by both the company and the Georgian government as a strategic project to strengthen Georgia’s position as a regional logistics hub.
