PSA's Great Yarmouth's new box terminal shelved before it opens

THE new GBP30 million (US$48.4 million) container terminal at the Port of Great Yarmouth that was originally scheduled to open in the first quarter of this year with an annual box handling capacity of 70,000 TEU and 200 metres of quay is abandoning the container sector before it even opens.

The terminal is 60 per cent-owned by Singapore's PSA International, with the remaining 40 per cent held by Great Yarmouth port owner International Port Holdings. Operators will not switch to "growth sectors" such as offshore energy given that the UK has not yet recovered from the global downturn.

The new box terminal in the UK was expected to eventually increase its capacity to 250,000 TEU and its quay to 380 metres. It had budgeted to handle around 50,000 TEU in 2010, reports London's International Freighting Weekly.

Great Yarmouth Port CEO Eddie Freeman was quoted as saying: "We are reacting to the reality that demand from the offshore sector, and in particular organisations involved in energy generation through offshore wind farms, is on a steep growth curve, while in contrast, the UK container scene is still recovering from the financial crisis.

"The decision was taken in conjunction with the container terminal operator, PSA Great Yarmouth, and will remain in force until market conditions make a return to the sector viable."

Mr Freeman said the port had the right water depth and availability of quay space and land to develop for the offshore wind farm business. He added the port would also focus on other growth areas, such as the agricultural and decommissioning sectors.
(Source:www.schednet.com)