The Manila North Harbour Port, Inc (MNHPI) is setting aside P2 billion for capital expenditures this year, more than double last year’s allocation of P700 million.
MNHPI chief operating officer Richard Barclay said this year’s capex will be mainly spent to develop North Port, formerly called North Harbor, in Manila.
“The development of the port will go full swing this 2012 and stakeholders will be able to see significant changes at the North Port,” Barclay said.
“Container volume is expected to grow 7-8% this 2012 while breakbulk cargoes are likewise expected to increase but at a slower pace,” he added.
Last year, MNHPI was expected to have handled 780,000 twenty-foot equivalent units (TEUs), 70,000 TEUs less than the 850,000 TEUs projected by the Philippine Ports Authority (PPA).
MNHPI is focusing on dredging at North Port. It will start development of a container yard on Pier 18 by middle of the month for completion by April 2013, and reclamation work on Slip 6 in May for completion by April 2013.
A joint venture between Harbour Centre Port Terminals, Inc and food and beverage giant San Miguel Corp, MNHPI is investing a total of P14.5 billion to modernize North Port under a plan that includes reconfiguring existing ports, expanding operational area from 52 hectares to 70 hectares, and improving the operational facilities within the port.
In 2010, cargo throughput at North Port reached 11.095 million metric tons and containerized cargoes, 553,548 TEUs.
Photo from http://www.harbourcentre.com.
