P&O Ports licensed to build container terminal

The UK based P&O Ports, one of the biggest shipping companies in the world, has just received a license to enter into a N partnership with Tan Thuan Industrial Promotion Co (IPC), the investor of the Hiep Phuoc Industrial Park, to develop a container port in the park in Nha Be District, HCM City.
The nearly US$250 million Saigon Premier Container Terminal(SPCT),some l0km from the city centre, will build a 950 metre-long quay and an adjoining 40 hectare site for a container yard, HCM City Service of Planning and Investment said on July 25.
The Dubai-based DP World acquired P&O Ports in March, and the group has now become the world’s second largest port operating group, with operations in 51 countries.
The foreign partner holds an 80% stake in the SPCT N while IPC retains 20%. This is the first seaport to be built using foreign investment in Hiep Phuoc. In conjunction with the Cat Lai Port facility in District 2 and other developments planned for Nha Be, the project will help HCM City develop a cluster of big seaports to serve the economic hub.
When completed, SPCT is expected to have a throughput of over 1.5 million twenty-foot equivalent units (TEUs) per year. SPCT will be developed into a world-class container terminal facility combining state-of-the-art technology with the latest equipment and also providing comprehensive training for the Vietnamese employees.
The port will be developed in phases in accordance with market demand.
P&O, which now has 28 container terminals and logistics centres in 18 countries, hopes that the new port will be able to absorb cargo from the existing ports situated along the Saigon River, which are scheduled to be closed over the course of the next 10 to 15 years.

 

Category: Business