ZPMC delivers final equipment for Chancay’s Phase I
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Cosco Shipping Ports to operate Khalifa’s new terminal
Cosco Shipping Ports (CSP) has signed a 35-year concession agreement with Abu Dhabi Ports (ADP) and will develop and operate the port of Khalifa’s second container terminal.
Under the terms of the agreement, CSP will invest approximately US$322M in equipping the facility and pay ADP a total fixed concession fee of US$107M and variable fees to an estimated value of US$309M for the facility.
The deal includes an option for the development of another 600m of quay and a five year extension to the concession. The two parties will set up a joint venture company to manage the project with CSP controlling 90% of the shares.
The new Khalifa Port Container Terminal 2 (KPCT 2) complex is bound to intensify competition in the region, particularly as CSP is fully backed by China Cosco Shipping Co (CCSC) a founding member of the Ocean Alliance with CMA CGM, OOCL and Evergreen Line. All of these lines are important customers of the neighbouring Jebel Ali port, which is controlled by DP World and potentially some services could be attracted to the new terminal.
Wan Min, president of CCSC, said: “With the strong support from the large container shipping fleet of the Cosco Shipping Group, CSP will dedicate its efforts to develop KPCT 2 as a hub for the upper Gulf region in the Middle East for international container shipping liners."
The newe terminal will occupy 70ha and have three berths (1,200m of quay line) with depths alongside of 18m. It is a phased development with phase one (800m) opening in mid-2018 and stage two following two years later, at which time it will have the capacity to handle 2.4M TEU a year.
Effectively, KPCT 2 will double Khalifa’s design throughput capacity although the increase could be even greater if CSP exercises the option as this would raise the new facility’s handling capacity to 3.5M TEU and the port as a whole up to 6M TEU a year.
The existing container terminal at Khalifa, which is operated by ADP’s subsidy Abu Dhabi Terminals, has been one of the fastest growing container-handling facilities in the world in recent years. In H1 2016, 699,776 TEU was handled, a rise of 11% on the same period of 2015.
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