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Friday, 27 September 2013

EBRD considers $75M loan to Asyaport

The EBRD (European Bank for Reconstruction and Development) is considering providing a senior loan of up to $75 million to Asyaport Liman to finance the construction and operation of a deep-sea container terminal in Barbaros, in the Turkish province of Tekirdag.

The total cost of the project is estimated at $413 million.

The EBRD says that the new terminal will increase container handling capacity in the Bosphorus, thus reducing existing bottlenecks. It also predicts that it will foster greater competition in the domestic Turkish port sector.

“The ability to handle larger containerships at the port will reduce handling costs and increase the competitiveness of regional transshipment services for container cargo destined for Black Sea ports,” says the EBRD. It adds that Asyaport will drive development of transshipment activities in the region by becoming the last port of call before the Bosphorus for today’s mega-vessels.

The project has passed structure review and is pending final review. The EBRD has set October 29th as the board date.

Asyaport is 70% owned by Global Terminal Ltd (GTL), which itself is owned by TIL, the terminal operating subsidiary of MSC. The remaining shares are owned by members of the Soyuer family.

The EBRD says that the port will be required to obtain ISO certification, including on environmental and energy management, and will be equipped with ERTGs (electric rubber-tyred gantry cranes).

On its website, Asyaport says that it is designed to handle 2.5 million TEUs per year but will start operating with an initial capacity of 1 million TEUs. An agreement has been found with MSC for the handling of 500.000 TEUs per year.

The deep-sea container terminal will feature a total quay length of 2,010 metres and will be able to accommodate draughts up to 20 metres.

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