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PSA International and International Port Holdings (IPH) are setting up a joint venture to operate a short sea container terminal at the UK harbour of Great Yarmouth north of Felixstowe.
The first phase is of the terminal is expected to be operational in late 2008. The terminal will then have a quay length of 200 metres and a terminal area of 12 hectares. The container facility will initially be able to handle 250,000 TEU a year. The quay length and the terminal capacity can be doubled, if the owners decide to develop a second phase.
PSA will hold a 60 per cent stake in the joint venture and IPH the remaining 40 per cent equity interest. The joint venture will become operational after receiving regulatory approval.
A total of GBP30 million (US$59.46 million) will be invested in developing the first phase of the terminal. "There's a growing demand for feeder and short sea capacity in the UK. Great Yarmouth offers the lowest transit times from the northern European mainland, from Antwerp or Zeebrugge. By starting a short sea container terminal in this port, we can offer our customers a fast, congestion-free entry to the UK hinterland," said Pierre Timmermans, CEO of PSA Europe.
The parties involved in the deal have been granted the rights by the Great Yarmouth Port Authority to operate the terminal for an initial period of 30 years, after which time they will be able to extend the lease for another 30 years.
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