THE subsidiary of International Container Terminal Services, Inc. (ICTSI) in Croatia said it is starting a year-long expansion of its terminal at the Port of Rijeka to accommodate larger vessels.
In a statement Monday, Adriatic Gate Container Terminal (AGCT) said it is implementing a two-phase dredging scheme to improve its operations at the Port of Rijeka, the first phase of which had already been approved.
Once completed by mid-2020, it is expected to make AGCT capable of accommodating vessels that have a capacity of 20,000 twenty-foot equivalent units (TEU), a length overall of 400 meters and a beam of 59 meters.
“Financing for the infrastructure works has been provided by the EU (European Union) and PRA (Port of Rijeka Authority), with ICTSI undertaking all the associated necessary investment in quayside and landside handling systems, as well as the increased coverage of the terminal’s state-of-the-art IT systems,” it said.
The Razon-led firm said the improvements come on top of its acquisition of Super Post Panamax cranes, rubber tyred gantries (RTGs) and prime movers that are all geared to prepare the terminal for enhanced operations.
“We have decided to do this against a background of steady demand but, more importantly, to keep pace with the requirements of our clients in terms of both ship size and a rise in intermodal rail activity,” Wojciech Szymulewicz, AGCT chief executive officer, said.
“The capacity expansion will also deliver an overall boost to efficiency levels at the terminal, building upon the strengths we have already established in terms of vessel and truck turnaround as well as intermodal rail connectivity,” he added.
AGCT said this will increase terminal yard capacity to 600,000 TEUs per year to address increasing demand. It expects to complete by end-2019 the upgraded on-dock rail yard of the terminal, which will offer an additional 360,000 TEUs in annual capacity.
ICTSI holds the 30-year contract to operate, maintain and develop the AGCT at the Port of Rijeka with its partner Luka Rijeka D.D.
The listed firm posted an attributable net income of $72.4 million in the first quarter, up 77% from in the same period last year due to a strong operating income and lower financing charges. — Denise A. Valdez
