In 2024, 128 major maritime construction projects broke ground in 2024, costing a combined total of roughly $52.63bn. Of these, the top ten most expensive maritime projects have a combined cost of around $26bn, according to the GlobalData construction project database.
The total number of projects is a major increase from the year prior – 89 projects commenced in 2023 – but the capital involved has decreased slightly. The combined investment in 2023 was $61.6bn compared to $52.63bn in 2024 – a decrease of 14.6%.
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As with previous years, over half (55.5%) of all maritime projects that broke ground in 2024 were port facilities projects, totalling a combined cost of over $40.16bn. Similarly, the majority (eight) of the ten most expensive maritime construction projects of 2024 fall under this category, with 6 upgrade or expansion projects and 2 new port projects.
The top ten most expensive maritime construction projects took up almost half of the total investment over the last twelve months, with the $26bn accounting for 49.4% of the combined cost of all maritime projects. Asia is leading the way when it comes to big maritime projects – four of the top ten maritime construction projects are located in the region – with Europe close behind with three.
The global picture, however, looks slightly different. The region with the most maritime projects to break ground over the last 12 months is the Americas with 35, followed by Europe with 30. Despite being home to some of the most expensive projects, Asia’s combined total is just 17 projects, less than Africa’s 18 projects.
So, here is our list of the 10 most expensive maritime construction projects that have commenced construction in the last year, according to GlobalData’s construction database.
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By GlobalData
10. Maasvlakte II Container Terminal Expansion, Netherlands: $1.09bn
APM Terminals Management BV is undertaking the expansion of the Maasvlakte II container terminal at the Port of Rotterdam in Rotterdam, Netherlands.
The project aims to increase the terminal’s capacity by 2 million twenty-foot equivalent units (TEU) and to strengthen the competitive position of the port of Rotterdam as a logistics hub and a world-class industrial complex in terms of both size and quality.
The project involves the expansion of a container terminal spanning 47.5 hectares of land. It involves the construction of a 1,000m2 deep-sea quay, a depot, a container terminal with a capacity of 2 million TEU, and other related facilities, and the installation of safety and security systems.
A consortium of HOCHTIEF Construction, Ballast Nedam, and Van Oord were appointed as the main contractors for the project. In September 2022, the project was on hold due to financial issues, but construction eventually began in April 2024 The project is scheduled to be completed by the end of Q2 2026.
9. Ndayane Port du Futur, Senegal: $1.13bn
The Senegalese Ministry of Infrastructure, Transport, Telecommunications & ICT is constructing a new deep-water port, called the Port Du Futur, in Dakar, Senegal. The port is being developed at Ndayane, located about 50km from the existing Port of Dakar, and adjacent to the new Blaise Diagne International Airport in Dakar.
The project aims to allow for the movement of goods to support the country’s economic diversification, boasting non-resource exports. Once complete, it will be one of the largest ports in West and Central Africa. Initially, the project was announced to be developed on 444 hectares of land. Later, it was increased to 600 hectares. The project is being developed in two phases.
Phase 1 includes the construction of a new container terminal with 840m quay, a new 5km marine channel to handle 366m vessels, 70 hectares of port facilities, and 150 hectares of logistics facilities. Phase 2 involves the construction of 410m of additional container quay and further dredging of the marine channel to handle 400m vessels.
The project also includes the construction of marine civil works, dredging and filling works of over 10 million cubic metres, an 870m pier, a 1,396m breakwater, a 1,760m revetment, bulk earthworks, berth structure, ship loaders, ship un-loader, storage facilities, and the installation of 20m draught and related equipment.
Construction work commenced on Phase 1 of the project in December 2024, with the whole project expected to be completed by Q3 2027.
8. Tanjung Priok Port Expansion (Phase 2), Indonesia: $1.5bn
PT Pelabuhan Indonesia (Pelindo II) is planning to undertake the second phase of the expansion of Tanjung Priok Port in Jakarta, Indonesia. The port, which shoulders 70% of import and export freight traffic in the country, is currently facing severe capacity constraints.
Tanjung Priok Port, also known as Kalibaru Port or New Priok Port, was designed to handle 5 million TEU of container traffic per year but hit 5.8 million TEU in 2011. The expansion project will bring the total container handling capacity to 12.5 million TEU at Kalibaru, Jakarta, Indonesia.
Pelindo II, also known as the Indonesian Ports Corporation, was appointed as the developer for the Tanjung Priok Port by the Indonesian Ministry of Transport. Phase 2 of the project is budgeted at $1.5bn, with the Tanjung Priok Port Expansion project as a whole costing around $4.6bn.
Phase 2 of the project involves the expansion of Tanjung Priok Port through the construction of an additional four terminals, each with a capacity of 8 million TEU, bringing the total container handling capacity of the Priok Port to 12.5 million TEU.
It also includes dredging works to remove sand in preparation for the new terminal; the construction of the breakwater, seawalls, and revetment; as well as the installation of gantry cranes. Phase 2 of the expansion broke ground in November 2024, with the whole project estimated to be completed by the end of 2025.
7. Long Beach Port Pier B Upgrade, US: $1.57bn
The Port of Long Beach is upgrading the Pier B on-dock rail support facility at Long Beach Port in California, US. The purpose of the expansion is to increase cargo flow by rail using double-stacked intermodal trains.
The project involves the realignment of the existing Pier B Street and Pico Avenue, closure of the Ninth Street grade crossing, and expansion of the existing yard from 33 hectares to 69 hectares. It also includes expanding to 38 storage tracks and the expansion of inbound-outbound staging tracks to accommodate up to five 3,0480m trains.
Further, the project involves the removal of the Shoemaker Bridge ramps and other streets between 9th Street and 12th Street, the relocation of existing utilities, the relocation of existing main-line tracks into the North Harbor area, and the widening of the Dominguez Channel Bridge to accommodate an additional track.
It will also expand the existing 12 tracks to 48 sets; two main lines, five arrival/departure tracks, and 41 tracks throughout the yard for staging, storing, and repairs. A groundbreaking ceremony was held in July 2024, with construction beginning the following month. The project is expected to be completed by the end of 2032.
6. Funan Techo Canal, Cambodia: $1.7bn
The Cambodian government is constructing a canal between the country’s capital city Phnom Penh and the Sihanoukville Autonomous Port in south-western Cambodia. The canal will have the capacity to allow the passage of vessels of up to 3,000 deadweight tonnage (DWT).
The Funan Techo Canal project involves the construction of a 180km canal with a width of 100m and a depth of 5.4m. It includes the construction of three waterway dams, 11 bridges, a 208km sidewalk, intake and outlet gates, and the laying of water pipelines.
In 2023, Cambodia signed an agreement with China Road and Bridge Corporation to invest in the project under a Build-Operate-Transfer contract model. A groundbreaking ceremony was held in October 2024, with the project estimated to be completed by 2029.
5. Port of Valencia Terminal Extension, Spain: $1.95bn
Autoridad Portuaria de Valencia and Terminal Investment Limited – a subsidiary of the shipping company MSC – are jointly undertaking the extension of the Northern Container Terminal facilities at the Port of Valencia, known locally as Valenciaport, in Spain. The project aims to improve the export capacity of Valencian companies.
The expanded space will have the capacity for around five million containers and is designed to cope with an expected increase in container traffic. Construction work was originally supposed to commence in Q1 2022 but was delayed due to technical and administrative reasons. Initially, the project will create new 5,000 jobs, and in future will exceed 44,000 direct, indirect and induced jobs.
Phase 1 of the project involves the construction of a terminal on an 86-hectare area and a 1,970m berthing line with a draft of 20m – with a handling capacity of 50,00,000 million TEU. Phase 2 includes the construction of a terminal on a 22-hectare site and 400m of berthing line with a draft of 20m. Phase 3 involves the construction of a terminal on a 29-hectare area and a 470m of dock line.
The project also includes the construction of access roads, loading and unloading facilities, automated warehouses, administrative buildings, and operation and control office facilities. It also involves building a railway terminal and the installation of 1,000m long railway tracks with the capacity to move 3,05,000 TEU per annum by rail, as well as the development of a maritime access channel with a depth of 22.50m.
Construction commenced on Phase 1 in October 2024, and the full project is expected to be completed by 2030.
4. Port of Shengjin Expansion, Albania: $2.74bn
The Ministry of Public Works and Transport is planning to build a combined roll-on/roll-off and a container terminal in Shengjin, Albania. The project is also known as Europort Shengjin
The aim of the Port of Shengjin project is to increase the capacity of Shengjin Port to 60 million tonnes per year, renovate the existing infrastructure, and improve the efficiency of the port operations. The project involves the construction of a combined roll-on/roll-off and a container terminal.
The project is split into multiple phases. Phase 1 includes the construction of a new port on the existing military port of Shengjin by further extending the breakwater and building a new terminal as well as a 4.3km quay.
Phase 2 involves the construction of a roll-on/roll-off terminal. It includes the construction of a 1,010m vertical caisson breakwater, a one-way channel, a 290m berth, a 3,175m tunnel, and a 3.5m wide two-lane access road.
Phase 3 will focus on the construction of a container terminal. It includes the construction of a double-track railway tunnel and a berth and the extension of the breakwater of the second phase. Construction began on the project at the end of 2024 and is estimated to be completed by the end of 2029.
3. Southwest Coastal Louisiana Hurricane Protection, US: $3.4bn
The US Army Corps of Engineers and the Coastal Protection and Restoration Authority are undertaking the Southwest Coastal Louisiana Hurricane Protection Project in Louisiana, US.
The project aims to implement localised storm surge risk reduction features to reduce the risk of hurricane storm surge damage in the Cameron, Calcasieu, and Vermilion Parishes of Louisiana.
The project involves the construction of a hurricane damage reduction and project system. It includes the construction of 10 structures in Calcasieu Parish, 17 structures in Vermillion Parish, floodwalls, pump stations, and the installation of safety and security systems.
In June 2024, Wingate Engineers LLC was awarded as the design-build contractor. Construction began in October 2024 and is estimated to be completed by the end of 2030.
2. Kuala Linggi International Port Expansion, Malaysia: $3.64bn
TAG Marine, through its subsidiary Linggi Base, and China Railway Group are undertaking a major expansion of an international port at the the Sungai Linggi estuary in Malacca, Malaysia.
The port expansion aims to offer services for the storage and transhipment of crude oil and petroleum products, as well as repair and bunkering vessels. Once complete, the project will act as an industrial port, bunkering hub, and port of refuge in the Straits of Malacca, for domestic and international ships passing through the straits. The project is part of the One Belt One Road Initiative by the Chinese government.
The project includes the construction of a container terminal, a fabrication yard, a shipbuilding yard, a hard-standing general cargo port, and 1.5 million cubic tank farms. It also involves building dry-docking facilities, loading and unloading facilities, and the installation of equipment and safety systems.
The project will be funded by China Railway Group and in May 2023, China Communications Construction Company subsidiary CCCC Dredging Southeast Asia was appointed as a contractor. Construction broke ground in February 2024 following a groundbreaking ceremony the month prior and is expected to be completed by the end of 2027.
1. Kyaukpyu Deep Sea Port, Myanmar: $7.3bn
The Government of Myanmar, through Myanmar Kyaukphyu SEZ and CITIC Group, is constructing a new 246-hectare deep-sea port in Rakhine, Myanmar. The project is a part of the Kyaukpyu Special Economic Zone.
The aim of the project, which will be implemented in multiple phases, is to improve marine transportation, boost the logistics services sector and meet the increasing demand for sea transport facilities.
The Kyaukpyu Deep Sea Port project includes the construction of a port building, harbour and container buildings, a control tower, and cargo buildings. It also involves building loading and unloading facilities, an administrative facility, access roads, and the installation of port and marine equipment.
In November 2018, CITIC Group and the Government of Myanmar signed the funding agreement. Construction activities began in April 2024 and are expected to be completed in Q2 2027.
