ICTSI’s Poland Subsidiary Signs Credit Agreement for Terminal Modernization
Baltic Container Terminal (BCT), International Container Terminal Services, Inc.’s (ICTSI) subsidiary in Poland, recently entered into a credit facility agreement for US$46.5 million with Bank Pekao S.A for the modernization of the terminal in Gdynia.
The facility consists of a 10-year capital expenditure (capex) loan, a refinancing of existing long-term loan and an overdraft facility.
The 10-year capex loan for US$36.3 million will supplement the subsidy from the Center for EU Transport Projects (CETP) amounting to PLN53.8 million (US$17.3 million) also to finance the terminal modernization project that is estimated to cost PLN153.3 million (US$49.2 million). BCT was earlier granted the subsidy as part of the Infrastructure & Environment Operational Program Measure 7.4. “Development of Intermodal Transport.”
Within the investment program, BCT shall invest in new equipment, yard area improvements and IT systems. The equipment to be purchased include, among others, new quay cranes, rubber tired gantries and rail mounted gantries. Terminal yards and roads shall be modernized, and the number of reefer container racks will also be added. A DGPS system will be deployed to positioning of the equipment, and automated gates will be installed. The investment will increase BCT’s annual capacity by 60 percent, from 750,000 TEUs to 1.2 million TEUs.
All these are expected to further increase the competitiveness of the BCT and the Polish economy in intermodal transport.
The project is expected to be completed by the end of 2015.
Bank Pekao S.A. is one of the strongest commercial banks in Poland.
BCT is a subsidiary of International Container Terminal Services, Inc. (ICTSI) a leading port management company involved in the operations and development of 23 marine terminals and port projects in 17 countries worldwide. ICTSI was among the first international terminal operators to take its expertise overseas.
Source: ICTSI, May 10, 2012