Cosco to Build New Container Terminal at Khalifa Port
- Business & Finance
Abu Dhabi Ports has awarded a concession to build and operate a new container terminal at Khalifa Port to Cosco Shipping Ports Limited – Abu Dhabi (CSPL SPV), a wholly-owned subsidiary of Cosco Shipping Ports Limited.
As per the agreement, the company will be entitled concession rights of Khalifa Port Container Terminal 2 for a span of 35 years, with a renewable period of 5 additional years.
Cosco Shipping will operate a container terminal with a draft depth of 18 meters, with 1200 meters of quay wall and adjacent land.
The first 800 meters of the quay length and the corresponding concession area are expected to commence operations in H1 2018 and the later 400 meters (and the corresponding expanded concession area) is expected to start its operations in 2020.
Once the expansion areas are occupied, the concession area will span an area of approximately 70 hectares with 3 berths, which will add 2.4 million TEUs a year to the port’s existing capacity of 2.5 million TEUs.
The agreement includes the option for a further 600 meters of quay length in the future to allow for anticipated volume growth.
The nominal annual handling capacity will increase to 3.5 million TEUs when all phases are complete, creating a new overall annual capacity of up to 6 million TEUs.