The Port of Antwerp Oct. 6, unveiled a $2.2 billion 15-year investment program, double its previous budget, aimed at boosting its competitive edge and maintaining its position as Europe’s second largest port.
The port authority also simultaneously announced that 2011 port dues will be frozen at 2010 levels.
The authority said it would further increase expenditure to buy land from General Motors, which this week announced the closure of its Antwerp auto plant.
The 2011-2025 investment plan includes expansion of an existing dock and construction of a new dock to enable the Belgian inland river port to compete with its coastal rivals.
The Port Authority also agreed to provide extra funds to build a tunnel that will complete the ring road circling the port and promote barge and rail freight transport.
The port said the ambitious investment plan had been made possible by its strong financial performance.
“It is these financial results, without trying to maximize profits, that even after a period of crisis give us a sufficient financial base to implement this investment program that is so important to our customers,” said Port Authority CEO Eddy Bruyninckx.
The port said the dues freeze showed the increased expenditure on the tunnel would not have any financial impact on its customers.
“This makes it clear that we are absolutely determined to maintain the port’s competitive position,” port alderman Marc Van Peel said.
The port said the GM site could be used for logistics activities or industrial projects.
Antwerp grew slower than its larger rival Rotterdam in the first half of the year and barely halted the decline in conventional and breakbulk, a key cargo sector which generates more jobs than other traffic.
Antwerp’s total traffic grew 12.7 percent in the first half of 2010 from a year ago to just over 77 million metric tons, trailing Rotterdam which was up 14.8 percent at 213 million tons.
Antwerp’s container traffic increased 16.2 percent in the first half to 4.2 million 20-foot equivalent units compared with an 18 percent rise in Rotterdam to 5.2 million TEUs.
Conventional and break bulk traffic rose only 1.2 percent to 5.5 million metric tons.
The port authority also simultaneously announced that 2011 port dues will be frozen at 2010 levels.
The authority said it would further increase expenditure to buy land from General Motors, which this week announced the closure of its Antwerp auto plant.
The 2011-2025 investment plan includes expansion of an existing dock and construction of a new dock to enable the Belgian inland river port to compete with its coastal rivals.
The Port Authority also agreed to provide extra funds to build a tunnel that will complete the ring road circling the port and promote barge and rail freight transport.
The port said the ambitious investment plan had been made possible by its strong financial performance.
“It is these financial results, without trying to maximize profits, that even after a period of crisis give us a sufficient financial base to implement this investment program that is so important to our customers,” said Port Authority CEO Eddy Bruyninckx.
The port said the dues freeze showed the increased expenditure on the tunnel would not have any financial impact on its customers.
“This makes it clear that we are absolutely determined to maintain the port’s competitive position,” port alderman Marc Van Peel said.
The port said the GM site could be used for logistics activities or industrial projects.
Antwerp grew slower than its larger rival Rotterdam in the first half of the year and barely halted the decline in conventional and breakbulk, a key cargo sector which generates more jobs than other traffic.
Antwerp’s total traffic grew 12.7 percent in the first half of 2010 from a year ago to just over 77 million metric tons, trailing Rotterdam which was up 14.8 percent at 213 million tons.
Antwerp’s container traffic increased 16.2 percent in the first half to 4.2 million 20-foot equivalent units compared with an 18 percent rise in Rotterdam to 5.2 million TEUs.
Conventional and break bulk traffic rose only 1.2 percent to 5.5 million metric tons.