Having committed itself to spending $180bn to modernise the country’s ports and surrounding infrastructure by way of its Sagar Mala port expansion initiative, the Indian authorities have been wooing visitors at this week’s biennial three-day Vibrant Gujarat investment summit with a series of presentations aimed at raising $13bn to fund (more…)joc Read More»
The Malaysian government is looking for investors to back its plans to develop a giant new deep-sea port and industrial city at Carey Island, some 70km south west of Kuala Lumpur on the Strait of Malacca, one of the world’s busiest shipping channel – and one which is central to China’s ambitions to develop the Maritime Silk Route Economic Belt.
The port itself (more…)
In an attempt to reduce its mounting debts, the Russian steel and mining conglomerate EVRAZ has put its facilities at the Far Eastern Nakhodka Trade Sea Port up for sale, it was reported yesterday, and has already received offers from around a dozen Russian, Kazakh and Chinese companies. The company has valued the port at $260m.
Founded in 1947 in Nakhodka Bay some 200km south-east of Vladivostok, the port is on one of the easternmost spurs of the Trans Siberian railway and as such is a key staging post for the movement of goods between Asia and Europe. It has the capacity to unload up to 500 rail wagons a day; each of its 16 berths can accommodate vessels of up to 230m in length and 32m in width; and it comes with 300,000m² of warehousing premises. Last year, the port handled 9.2m tons of cargo.
An integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, USA, Canada, Czech Republic, Italy, Kazakhstan and South Africa, the LSE-listed EVRAZ is among the top steel producers in the world, but has been hit by the collapse in the price of steel, largely caused by Chinese over-production. Earlier this year it announced that it was planning to reduce its debt by as much as $1.5bn, but at the time ruled out the possibility of selling off any of its assets.
South Stream: Russia is still interested in working out a way of building a pipeline along the bed of the Black Sea as a means of transporting gas to Europe via the Balkans, President Putin told the Greek newspaper Kathimerini in an interview published today to coincide with his visit to Athens.
The Malaysian-based Sime Darby multinational conglomerate this week announced its intention to float Shandong Province’s Weifang Port on one of China’s stock exchanges as it looks to monetise its assets and maximise its returns. Sime Darby acquired the port from the authorities in Shandong in 2005 and has since invested around $300m in turning it into a profitable mid-sized seaport and increasing the number of its berths from four to 15. Its current $200m, 5-year expansion plans will see a further 8 berths added by the end of 2017 and its number of customers rise to 500.
In March 2014, it set up the Weifang Port Services Co in a joint venture with the Weifang Port Company and the Shandong Hi-speed Transport & Logistics Investment Company to oversee the construction, management and maintenance of the port’s the sea channel, anchorage and other elements of its infrastructure.
Announcing the company’s decision to list the port, Sime Darby MD Timothy Lee claimed that the port “had been profitable since day one of the takeover”, and was recognised as one of the most efficient and cost-effective ports in China. Last year it posted pre-tax profits of $13.7m on revenues of $45.76m.
Japan and India are planning to team up to help develop Iran’s southeastern Chabahar port as a regional logistics port, according to Iran’s PressTV news agency. Tokyo is keen to build stronger ties with Tehran, the agency claims, with the Japanese Prime Minister Shinzo Abe hoping to (more…)
The north-east Chinese port of Tianjin – the world’s fourth largest – expects cargo volumes to rise by over 20 % from 540m to 650m tonnes over the next five years, thanks to its new status as a free trade zone. “We will strive to ….to develop [Tianjin] into a key international shipping centre in the China’s north,” Tianjin Port Co spokesperson Zhang Liyi, said yesterday.
The port (more…)
Piraeus privatisation: Greek dockworkers marched into central Athens in protest yesterday after the Greek government sealed the sale of 67% of the Piraeus Port Authority to China’s state-owned COSCO Shipping Corporation on Friday. Cosco was the sole bidder for the stake in Piraeus Port Authority, a listed company that has a concession to operate the port until 2052.
The sale (more…)
Twenty-nine companies working on projects worth a total of approximately $1.2bn have been granted residential status in Vladivostok Free Port, the zone’s supervisory board told a meeting convened by Russia’s Deputy Prime Minister and its Far Eastern Federal District presidential envoy Yuri Trutnev today.
The projects include (more…)
Baku FTZ: Azerbaijan’s President Ilham Aliyev last week signed a decree paving the way for the establishment of a free trade zone around the new Baku International Sea Trade Port. By offering businesses tax-free benefits, the authorities are hoping to attract as much as $1bn in inward investment over the next few years, the port’s Director General Taleh Ziyadov said.
Construction began on the redevelopment of Baku’s port in 2011 and its new ro-ro terminal is due to come into operation later this year, with phase one of the new port being scheduled for completion next year.
Sri Lanka has granted China permission to build a vast ‘port city’ in Colombo on reclaimed land next to the capital’s main harbour, despite concerns the ambitious project could be an environmental disaster. Having suspended the controversial plan shortly after his inauguration at the beginning of 2015, President Maithripala Sirisena today gave the green light to the project, which is expected to include housing, a marina and a Formula One racetrack.
The project, (more…)
One of the world’s largest port operators , the UAE’s DP World has agreed to set up an 80-20 joint venture with the Russian Direct Investment Fund (RDIF) to invest up to $2bn in Russian ports. At the top of the list of its priorities will be container terminals in Novorossiysk, Taman and Primorsky Krai.
The deal (more…)
Algeria and China yesterday signed a $3.3bn deal to build a new megaport at Cherchell, 60 km west of Algiers. The agreement was signed between Algeria’s Transport Ministry, China Harbour Engineering Company (CHEC) and China State Construction Engineering Corporation (CSCEC).
Under the terms of the deal, (more…)
Piraeus privatisation: China’s Cosco Group has emerged as the sole bidder in attempts by the government in Athens to sell off a majority stake in the Piraeus Port Authority, the Greek agency in charge of the privatisation said this week. Cosco already owns the port’s container terminal which (more…)scmp Read More»