Tanger Med Port Achieves Record Revenue and Throughput in 2024, Reinforces Global Standing
Rabat, The Gulf Observer: Tanger Med Port has concluded the 2024 fiscal year with a historic performance, reporting a record revenue of MAD 11.23 billion (approximately $1.212 billion), marking a 12.3% increase compared to 2023, according to a statement by the Tanger Med Group.
The Moroccan port also reached an unprecedented operational milestone, handling 10.24 million twenty-foot equivalent units (TEUs), further consolidating its status as the leading maritime hub in Africa and the Mediterranean. The achievement cements Tanger Med’s position among the world’s top ports, with Alphaliner recently ranking it 17th globally.
Tanger Med Group, which oversees operations at 25 terminals through entities including Marsa Maroc, also reported a surge in bulk cargo throughput. Marsa Maroc alone handled 63.3 million tons in 2024, reflecting an 11% increase over the previous year.
Cumulatively, the Tanger Med Port Complex and Marsa Maroc moved 187 million tons of cargo and 11.33 million TEUs, setting new records across the board.
In addition to its port activities, the Tanger Med Group manages over 3,000 hectares of economic activity zones, home to more than 1,400 companies operating across key sectors such as automotive, aerospace, textiles, agri-food, and logistics. These zones generated a total business volume of MAD 174 billion in 2024 and provided over 130,000 jobs, highlighting the port’s critical role in Morocco’s industrial and economic landscape.
The rapid growth of Tanger Med has drawn attention beyond Morocco’s borders. Spanish media and government reports have expressed concern over the port’s rising competitiveness, especially its impact on traditional shipping hubs such as Spain’s Port of Algeciras.
As early as 2021, Spanish daily El País noted the “negative” implications of Tanger Med’s rise, pointing out that Spain has been “losing ground” since the port’s inauguration by King Mohammed VI in 2007. A 2022 Spanish government report warned that Algeciras could lose up to 60% of its container traffic to the Moroccan port.
Tanger Med’s performance in 2024 underscores Morocco’s growing prominence in global maritime trade and logistics and reflects the country’s strategic investments in infrastructure and economic development.
