MSC hopes to spend US$1.1 billion on Valencia's 4th container terminal
THE Italian Swiss Mediterranean Shipping Co (MSC), the world's No 2 ocean carrier, via its port operator Terminal Investments Ltd (TIL), hopes to invest EUR1
THE Italian Swiss Mediterranean Shipping Co (MSC), the world's No 2 ocean carrier, via its port operator Terminal Investments Ltd (TIL), hopes to invest EUR1.01 billion (US$1,1 billion) in Valencia's fourth container terminal.
This could add five million TEU to Valencia, effectively doubling its capacity and making it one of the biggest ports in the Mediterranean, reports London's Loadstar.
MSC is the sole bidder to operate the port's fourth container terminal, according to the Valencia port authority. The terminal will be built in three phases, with the first taking 28 months to build 1.1 kilometres of quay and 860,000 square metres of terminal area.
A second phase is planned to complete nine months later, and would see 400 metres of quay and 220,000 square metres of yard area added; and a third phase is planned for just under a year after that, and would see another 470 metres of quay and 280,000 square metres of terminal area added.
MSC has long been the port's biggest customer and was behind Valencia's ascent to become the largest port in Spain, overtaking Algeciras some years ago. Valencia volume grew 7.3 per cent year on year to 5.18 million TEU.
Currently MSC's traffic is handled at a dedicated terminal in the southern part of Valencia, adjacent to the former Noatum operation that was recently acquired by Cosco.
The third terminal in the port is run by Maersk subsidiary APM Terminals, following its acquisition of Spanish operator TCB, which means the 2M partners are likely to have a dominant position in Valencia.