In 2024, 128 major maritime construction projects were launched globally, with a total investment of approximately $52.63 billion. The combined cost of the ten most expensive projects alone reached around $26 billion, representing nearly half of the total investment for maritime construction in the year. Although the number of projects increased from 89 in 2023, the total capital invested saw a decrease of 14.6%, dropping from $61.6 billion in 2023. The vast majority of these projects, about 55.5%, are focused on port facilities, with Asia and Europe leading in the number of high-value maritime developments.
Among the largest projects, the Kyaukpyu Deep Sea Port in Myanmar stands out with a staggering $7.3 billion investment. This project, part of the Kyaukpyu Special Economic Zone, aims to enhance marine transportation and logistics services in the region. The port will include a wide array of infrastructure, such as harbor buildings, a control tower, cargo handling facilities, and access roads, with construction expected to conclude by mid-2027.
The Kuala Linggi International Port Expansion in Malaysia, valued at $3.64 billion, is another notable development. This expansion will enhance the port’s capacity for storing and transhipping crude oil and petroleum products, making it an essential hub in the Straits of Malacca. The project includes a container terminal, shipbuilding yard, and dry-docking facilities, with a completion date set for 2027.
The Southwest Coastal Louisiana Hurricane Protection project in the United States, costing $3.4 billion, focuses on mitigating hurricane storm surge risks in several Louisiana parishes. This infrastructure involves the construction of floodwalls, pump stations, and other storm surge protection systems, with the project scheduled for completion by 2030.
In Albania, the Port of Shengjin Expansion, costing $2.74 billion, aims to modernize and increase the capacity of Shengjin Port. This expansion will introduce a combined roll-on/roll-off and container terminal, supporting a 60 million-ton capacity annually. The project began in late 2024, with completion expected by 2029.
The Port of Valencia Terminal Extension in Spain, a $1.95 billion undertaking, will expand the Northern Container Terminal’s capacity to handle an additional five million containers. This project, set for completion in 2030, includes the construction of new terminals, railway tracks, and maritime access channels.
In Cambodia, the Funan Techo Canal project, valued at $1.7 billion, will connect Phnom Penh with Sihanoukville Port. The 180km canal will allow vessels of up to 3,000 deadweight tonnage to pass through, and it is expected to be completed by 2029.
The Long Beach Port Pier B Upgrade in California, US, involves a $1.57 billion investment to improve cargo flow by rail. This project will expand the existing yard, add tracks, and realign streets, with an expected completion date in 2032.
The Tanjung Priok Port Expansion (Phase 2) in Indonesia, which costs $1.5 billion, will increase the port’s container handling capacity to 12.5 million TEU. The expansion is set to finish by the end of 2025.
In Senegal, the $1.13 billion Ndayane Port du Futur is under development to create a major deep-water port. This new facility will play a crucial role in supporting Senegal’s economic diversification and is expected to be completed by 2027.
Finally, the Maasvlakte II Container Terminal Expansion in the Netherlands, at $1.09 billion, will increase the port’s capacity by 2 million TEU. The project is scheduled to be completed by 2026.
