Jamaica seeks concessionaire for Kingston Port
The Kingston Container Terminal, Jamaica's main port, will be offered to private investors through a concession. Kingston Container Terminal is currently owned by the Port Authority of Jamaica and operated by its subsidiary Kingston Container Terminal Services Limited.
Kingston Container Terminal is the biggest port in Jamaica. It is projected to turn over just under J$11 billion (US$107 million) among total revenue of J$16 billion (US$156 million) expected to be earned across Port Authority's operations this fiscal year.
A team, chaired by former central bank governor Derick Latibeaudiere is "undertaking due diligence to develop the details of the transaction structure and will provide its recommendations to the government", said the Development Bank of Jamaica (DBJ).
The bank, which is the state's primary agent for privatisation programmes, said the transaction was at an early stage and the terms of the concession had not yet been settled.A shortlist of pre-qualified bidders will be invited to submit bid proposals to assume the operation and further development of the port via a long-term concession.
KCT, a regional container transshipment hub with an annual capacity of 2.8 million TEU and an annual throughput of 1.1 million. Further development of the Kingston Container Terminal is expected to facilitate the passage of Post-Panamax container vessels with a nominal capacity of 12,000 TEUs in comparison to the existing Panamax vessels with a capacity of 4,500 TEUs currently transiting the Panama Canal.
Country news
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January 06, 2014
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