Financial Daily from THE HINDU group of publications
Tuesday, Jun 13, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 13, 2006 |
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Logistics
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Shipping Vallarpadam phase I by early 2009: DP World Our Bureau
Kochi , June 12 DP World, one of the top three marine terminal operators in the world, has said that it had initiated steps to complete the first phase of the international container transhipment terminal (ICTT) at Vallarpadam in the first quarter of 2009. The company will be investing $ 200 million in the first phase of the project, which will have the capacity to handle one million TEUs.
Development jobs
The first phase of development involves works of building 600 metres of quay, an on-dock railhead serviced by rail mounted gantry cranes, 30 hectares of yard and the acquisition of six super post Panamax cranes designed to handle some of the largest vessels afloat today. Senior officials of the DP World said in a statement that Vallarpadam would be expanded ahead of demand to a total 1.8 km of quay eventually and at least 16 quay cranes capable of handling the largest vessels afloat, with associated yard handling equipment and a capacity of 3 million TEUs.
Cost of project
The total cost of the project is estimated at $500 million and would be funded through non-recourse debt funding. The debt is provided by a consortium of banks led by the Infrastructure Development Fund Company (IDFC), set up to provide growth capital for infrastructure projects in India. According to Mr Mohammed Sharaf, CEO of DP World, the development of Vallarpadam will alleviate congestion for customers and importantly, open up the market by ensuring shipping lines have a choice through the common user facilities of the company. Vallarpadam is destined to become a premier gateway to southern India whilst offering an alternative to Sri Lanka and Singapore for container transhipment, he said.
Rail network
The India Gateway Terminal, which currently operates the Rajiv Gandhi Container Terminal in Kochi, will have a direct link to India's extensive railway network, and the construction of a new four lane bridge and highway to access the golden quadrilateral road network is well underway, making it one of the most accessible ports to the hinterland of India. DP World has a network of 52 terminals spanning 30 countries and five continentsIn 2005, the terminals operated by the company handled around 13 million TEUs across ports from the Americas to Asia. Significant expansion is underway in key markets around the world including in India, China and the Middle East. With the recent acquisition of P&O, DP World has a global capacity of 50 million TEUs and a professional team of 30,000 people providing services in some of the most dynamic economies in the world.
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