International shipping company, CMA CGM, is investing US$100 million in the refurbishing and expansion of a section of the south terminal of the Port of Kingston to accommodate its mega vessels, Jamaica Information Service reports.
A Memorandum of Understanding (MOU) for the three-year project, which includes the procurement of operational equipment, was signed on August 3 at the Ministry of Transport and Works in Kingston.
The upgrading work will prepare the Kingston terminal to accommodate CMA CGM's new generation of large ships and the expected increase in port calls from the expansion of the Panama Canal, which is scheduled to be completed by 2015.
Portfolio Minister, Hon. Michael Henry, in his remarks at the signing, explained that the refurbishing work will not only generate additional foreign exchange inflows, but it will offer employment opportunities for approximately 1,000 persons.
Minister of Transport and Works, Hon. Michael Henry (centre); Executive Officer, CMA CGM shipping company, Rodolphe Saade (2nd left); and Chief Executive Officer, Port Authority of Jamaica, Noel Hylton (right) sign copies of a Memorandum of Understanding (MoU) for the refurbishing and expansion of the Kingston Container Terminal on August 3 at the Ministry in Kingston. Observing the proceedings is Solicitor General, Douglas Leys (2nd left).
He noted that “supporting dredging programmes will have to take place and in that context, the Port Authority is committed to support that."
The Minister commended the France-based shipping company for undertaking the project, noting that it will result in increased investors coming into the country and “expand the need for many areas of growth”.
“I wish to emphasise the commitment of the Government to the continued privatisation, expansion and growth of the Jamaican market place in all its aspects,” he stated.
Chief Executive Officer of the Port Authority of Jamaica, Noel Hylton, explained that the expansion of the south terminal will increase yard space for the stacking of containers.
“We will be bringing in new and modern lifting cranes that can lift two, 40-foot containers at the same time and that will help to turn around the ships quicker; new yard equipment; computer systems, and so on. We will also have to strengthen the berth because we have to dredge the terminal to about 17 metres.
Mr. Hylton said that the most critical part of the project is to complete the dredging of the channel and turning basin before 2013.
“After 2013, depending on the volume (of business) there could be an expansion of that terminal that will be done by CMA CGM and that would be more than about US$200 million or so,” he stated.
For his part, Executive Officer, CMA CGM, Rodolphe Saade, said that investing in the country is a strategic move. He said that his company has had a 30-year relationship with Jamaica.
“We feel that Jamaica offers very good geographical coverage for us and in view of the expansion of the Panama Canal, we feel that the timing is right to take a stand as soon as possible,” he stated.
CMA CGM is the world’s third largest shipping container company and it is ranked number one in France. Its main objective is to offer customers all over the world a proactive, innovative service, which reconciles quality and high performance with protection of the environment.
A Memorandum of Understanding (MOU) for the three-year project, which includes the procurement of operational equipment, was signed on August 3 at the Ministry of Transport and Works in Kingston.
The upgrading work will prepare the Kingston terminal to accommodate CMA CGM's new generation of large ships and the expected increase in port calls from the expansion of the Panama Canal, which is scheduled to be completed by 2015.
Portfolio Minister, Hon. Michael Henry, in his remarks at the signing, explained that the refurbishing work will not only generate additional foreign exchange inflows, but it will offer employment opportunities for approximately 1,000 persons.
Minister of Transport and Works, Hon. Michael Henry (centre); Executive Officer, CMA CGM shipping company, Rodolphe Saade (2nd left); and Chief Executive Officer, Port Authority of Jamaica, Noel Hylton (right) sign copies of a Memorandum of Understanding (MoU) for the refurbishing and expansion of the Kingston Container Terminal on August 3 at the Ministry in Kingston. Observing the proceedings is Solicitor General, Douglas Leys (2nd left).
He noted that “supporting dredging programmes will have to take place and in that context, the Port Authority is committed to support that."
The Minister commended the France-based shipping company for undertaking the project, noting that it will result in increased investors coming into the country and “expand the need for many areas of growth”.
“I wish to emphasise the commitment of the Government to the continued privatisation, expansion and growth of the Jamaican market place in all its aspects,” he stated.
Chief Executive Officer of the Port Authority of Jamaica, Noel Hylton, explained that the expansion of the south terminal will increase yard space for the stacking of containers.
“We will be bringing in new and modern lifting cranes that can lift two, 40-foot containers at the same time and that will help to turn around the ships quicker; new yard equipment; computer systems, and so on. We will also have to strengthen the berth because we have to dredge the terminal to about 17 metres.
Mr. Hylton said that the most critical part of the project is to complete the dredging of the channel and turning basin before 2013.
“After 2013, depending on the volume (of business) there could be an expansion of that terminal that will be done by CMA CGM and that would be more than about US$200 million or so,” he stated.
For his part, Executive Officer, CMA CGM, Rodolphe Saade, said that investing in the country is a strategic move. He said that his company has had a 30-year relationship with Jamaica.
“We feel that Jamaica offers very good geographical coverage for us and in view of the expansion of the Panama Canal, we feel that the timing is right to take a stand as soon as possible,” he stated.
CMA CGM is the world’s third largest shipping container company and it is ranked number one in France. Its main objective is to offer customers all over the world a proactive, innovative service, which reconciles quality and high performance with protection of the environment.