Port operator SPRBun extent concession in Colombia's port of Buenaventura
The Colombian port of Buenaventura is to remain in the hands of its current operator, according to news reports.
Negotiations between Colombia's Ministry of Transport and port operator Sociedad Porturia Regional de Buenaventura SA. (SPRBun) have concluded with a 20-year extension to SPRBun's concession.
SPRBun has agreed to invest $450 million in the port with a focus on alleviating the congestion, said Lloyd's List.
Serious congestion at Buenaventura has resulted in shipping lines charging customers a $160 per twenty-foot equivalent (TEU) surcharge. In some cases calls have been cancelled altogether.
According to SPRBun general manager Nancy Ceballos most of the investment will be spent over the next six years in order for the port's short term targets to be met. Long term strategies will focus on the requirements of global trade, she added.
Initial investments will include berth upgrading to accommodate larger vessels and the acquisition of new cargo handling equipment.
Reports say that with the new concession, port stakeholders have more confidence and log-term security to invest in much needed development projects.
Buenaventura is Colombia's main point of trade on the Pacific coast and it accounts for more than half of Colombia's total export volume. Buenaventura handled 622,000 TEUs last year, a 17% jump in container handling volume from 2005.
Investments into Buenaventura is crucial to Colombia's struggle against competition on the South American Pacific coast.
Spain's Terminal de Contenedores de Barcelona (Grup Maritim TCB S.L.) recently paid $27 million for a 30% stake in the upcoming Buenaventura Port Container Terminal, which is due for ground-breaking in 2009.
TCB has announced that it will invest more than $220 million in the new terminal, which is expected to double the port's current handling capacity.
Negotiations between Colombia's Ministry of Transport and port operator Sociedad Porturia Regional de Buenaventura SA. (SPRBun) have concluded with a 20-year extension to SPRBun's concession.
SPRBun has agreed to invest $450 million in the port with a focus on alleviating the congestion, said Lloyd's List.
Serious congestion at Buenaventura has resulted in shipping lines charging customers a $160 per twenty-foot equivalent (TEU) surcharge. In some cases calls have been cancelled altogether.
According to SPRBun general manager Nancy Ceballos most of the investment will be spent over the next six years in order for the port's short term targets to be met. Long term strategies will focus on the requirements of global trade, she added.
Initial investments will include berth upgrading to accommodate larger vessels and the acquisition of new cargo handling equipment.
Reports say that with the new concession, port stakeholders have more confidence and log-term security to invest in much needed development projects.
Buenaventura is Colombia's main point of trade on the Pacific coast and it accounts for more than half of Colombia's total export volume. Buenaventura handled 622,000 TEUs last year, a 17% jump in container handling volume from 2005.
Investments into Buenaventura is crucial to Colombia's struggle against competition on the South American Pacific coast.
Spain's Terminal de Contenedores de Barcelona (Grup Maritim TCB S.L.) recently paid $27 million for a 30% stake in the upcoming Buenaventura Port Container Terminal, which is due for ground-breaking in 2009.
TCB has announced that it will invest more than $220 million in the new terminal, which is expected to double the port's current handling capacity.