|
Chennai Port terminal project gets Cabinet nod
The Cabinet Committee on
Infrastructure today approved a mega container
terminal at Chennai Port, to be built under the
public-private partnership mode at a cost of Rs
3,686 crore. The project, which will come up
under the design, build, finance, operate and
transfer basis, will increase the capacity of
the terminal to four million twenty foot
equivalent unit (TEU) per annum. The current
capacity of two million TEU per annum at the
port is estimated to exhaust by 2017-18. TEU is
a measuring unit for the vessel loads. According
to an official statement, the project has a
concession period of 30 years. The construction
of the project is expected to be completed
within seven years from the date of award of
concession.
|
|
|
In addition to handling the
projected volume of container traffic, the
terminal will also be able to handle ultra large
container vessels, which are expected to
dominate the container trade. This addition will
also make Chennai Port compete with other
international ports and attract deep drafted
vessels to the port, thereby reducing the need
for transhipment at the ports of Singapore and
Colombo. According to the statement, the project
is expected to boost exports and imports in the
region with savings in freight and ship cost to
the shippers.
