New North Vietnam Deep Water Container Terminal Secures Financing, Ready to Begin Construction

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Oct 2010

Cai Lan International Container Terminal (“CICT”) has entered into Loan Agreements with a lending consortium comprised of the IFC, FMO, PROPARCO and the ICF Debt Pool securing $100,000,000 of financing. Securing this financing allows CICT to immediately move forward on the construction of its new deep water container terminal in Quang Ninh Province supporting Hanoi and the North Vietnam market.
“We are very pleased to work with our lending partners to conclude CICT’s financing. It has been a very efficient process. North Vietnam’s container volume is growing at over 20% per year and by 2011 container volume will outgrow terminal capacity. CICT is needed as quickly as we can build it just to keep pace,” stated Le Trieu Thanh, CICT’s Chairman.
The CICT container terminal will have -10m draft during low tide, 598 meters of berth, 18 hectares of container space, four seventeen-wide ship to shore container cranes and 12 RTG’s. Phase One capacity will be 510,000 TEU’s per annum with future build out capacity to 1,200,000 TEU’s per annum. CICT will start construction in November and will be operational in late 2011.
“Hai Phong Port is currently the primary port serving North Vietnam. However, Hai Phong Port is nearly full and has only -5.7 meters of draft so the largest ship the port can accommodate is a 600 TEU vessel. CICT’s -10 meters draft provides shipping lines a significant operational cost advantage as they can deploy 3,000-4,000 TEU ships,” acknowledged CICT’s Vice Chairman Bob Watters.

Source: Cai Lan International Container Terminal (“CICT”)