Court rejects Illichivsk seaport’s claim to terminate cooperation agreement with Ukrtranscontainer – NCC
The Supreme Economic Court of Ukraine has rejected the claim of Sea Commercial Port of Illichivsk (Illichivsk seaport, NCC subsidiary) to terminate the agreement with Ukrtranscontainer on cooperation signed June 22, 2005, National Container Company (NCC) reports. Thus, the cassation appeal against the decision of Odessa Economic Court of Appeal dated June 26 was fully satisfied and the agreement is again in force from August 26, 2009.
Ukrtranscontainer hopes the administration of Illichivsk seaport will not impose obstacles in the process of return to normal operation at container terminal in the port of Illichivsk.
According to the agreement signed in 2005, Ukrtranscontainer undertook to invest some $500 mln in modernization of the existing facilities, purchase of up-to-date equipment and development of the terminal infrastructure in the port of Illichivsk. The terminal’s capacity is 850,000 TEUs per year. Maersk Line, APL, MSC, CSAV Norasia, CMA CGM, ZIM, China Shipping are among the terminal’s customers. Upon completion of the investment program the terminal’s capacity is make 4 mln TEUs by 2020.