Baltic Container Terminal Ltd (BCT), a subsidiary of Manila-based International Container Terminal Services, Inc (ICTSI), recently secured loans for upgrade and expansion of its Gdynia, Polish terminal concession.
The credit agreement with Poland’s Bank Pekao S.A amounts to $46.5 million, consisting of a 10-year capital expenditure loan, refinancing of an existing long-term loan, and an overdraft facility. This is meant to supplement a $17.3-million subsidy from the Center for EU Transport Project.
The Gdynia terminal modernization project is estimated to cost about $49.2 million and will be completed by the end of 2015.
BCT will use the funds to invest in new equipment such as quay cranes, rubber-tired gantries and rail-mounted gantries and in IT systems.
Terminal yards and roads will be modernized, and the number of reefer container racks boosted. A GPS system will be deployed to help in equipment positioning, and automated gates installed.
The investment will increase BCT’s annual capacity by 60%, from 750,000 twenty-foot equivalent units to 1.2 million TEUs.
Photo from http://www.ictsi.com/gallery.aspx?p_id=41&id=127&paging=1
