A consortium led by DP World yesterday signed a contract to develop and manage a new container terminal in Rotterdam that will increase the largest European port's current container handling capacity by 40 per cent.
DP World holds a 30 per cent stake in the 900-million euro (about Dh4.5 billion) Rotterdam World Gateway terminal, which is part of the large Maasvlakte-2 development unveiled by the Port of Rotterdam Authority.
The Dubai firm's partners in the venture, announced earlier in July, are APL of Singapore, Mitsui OSK Lines of Japan, Hyundai Merchant Marine of South Korea and French shipping line CMA CGM.
The agreement covers building the superstructure, equipping and operating the new terminal on the North Sea.
The terminal will have a capacity of about four million TEUs per year. It will be phased into operation from 2013 onwards.
"We are looking forward to working with our colleagues in the consortium and the Port of Rotterdam to building a world-class terminal operation," said Jamal Majid Bin Thaniah, vice-chairman of DP World and Group CEO of Ports and Free Zones World of Dubai World.
A total of four terminals are planned within the Maasvlakte 2 development. The DP World-operated facility will be the first terminal to be set up on the new site, which will see an investment of 3.5 billion euros for land reclamation, dykes and basic infrastructure by the authority.
"The new Maasvlakte 2 provides a high-quality site. Such new terminal locations are very scarce in Europe and this will be even more the case in the next decades," Port of Rotterdam Authority chief executive officer Hans Smits said after signing the formal agreement with the consortium representatives. The terminal will have a 1,900-metre long quay with a water depth of 20 metres, a 550-metre quay for inland shipping and feeder vessels and its own rail terminal with a connection to the Betuweroute.
Rotterdam's existing 20 container terminals can handle about 10 million TEUs (twenty-foot equivalent container units) per year. Last year Rotterdam handled about 378 million tonnes of cargo that included 9.7 million TEUs in container volume.
The Port of Rotterdam covers an area of 100 square kilometres between the city's centre and the North Sea. Facilities located in the area include five petroleum refineries, several chemical plants, oil storage facilities, bulk cargo terminals, container berths and ferry terminals.
DP World holds a 30 per cent stake in the 900-million euro (about Dh4.5 billion) Rotterdam World Gateway terminal, which is part of the large Maasvlakte-2 development unveiled by the Port of Rotterdam Authority.
The Dubai firm's partners in the venture, announced earlier in July, are APL of Singapore, Mitsui OSK Lines of Japan, Hyundai Merchant Marine of South Korea and French shipping line CMA CGM.
The agreement covers building the superstructure, equipping and operating the new terminal on the North Sea.
The terminal will have a capacity of about four million TEUs per year. It will be phased into operation from 2013 onwards.
"We are looking forward to working with our colleagues in the consortium and the Port of Rotterdam to building a world-class terminal operation," said Jamal Majid Bin Thaniah, vice-chairman of DP World and Group CEO of Ports and Free Zones World of Dubai World.
A total of four terminals are planned within the Maasvlakte 2 development. The DP World-operated facility will be the first terminal to be set up on the new site, which will see an investment of 3.5 billion euros for land reclamation, dykes and basic infrastructure by the authority.
"The new Maasvlakte 2 provides a high-quality site. Such new terminal locations are very scarce in Europe and this will be even more the case in the next decades," Port of Rotterdam Authority chief executive officer Hans Smits said after signing the formal agreement with the consortium representatives. The terminal will have a 1,900-metre long quay with a water depth of 20 metres, a 550-metre quay for inland shipping and feeder vessels and its own rail terminal with a connection to the Betuweroute.
Rotterdam's existing 20 container terminals can handle about 10 million TEUs (twenty-foot equivalent container units) per year. Last year Rotterdam handled about 378 million tonnes of cargo that included 9.7 million TEUs in container volume.
The Port of Rotterdam covers an area of 100 square kilometres between the city's centre and the North Sea. Facilities located in the area include five petroleum refineries, several chemical plants, oil storage facilities, bulk cargo terminals, container berths and ferry terminals.