Callao Terminal Norte (Phases I and II)

active

The Terminal Norte project, a multi-purpose terminal at Callao port, consisted of upgrading and expanding the capacity of docks one through five under a 30-year concession contract. Callao was Peru’s busiest port with a capacity of approximately 1.2 million TEU. The project was to be implemented in five phases. Phase I and II would expand the container capacity to 1.6 million TEU, while the remaining phases would expand capacity to approximately 2.9 million TEU. The contract was awarded on April 1, 2011 to the consortium APM Terminals Callao in a competitive tender organized by federal investment promotion agency Proinversion. The other bidder was DP World, which operated Callao’s South Dock Terminal (Muelle Sur). Initially, it was uncertain as to whether DP World could participate in the bid, due to competition clauses in the government. The bidding variable was the lowest cost per container and the level of discount given by the bidder. APM Terminals Callao consisted of APM Moeller Maersk [Denmark] and companies Central Portuaria SAC [Peru] and Callao Port Holding B.V. [Netherlands]. The shareholding percentage was not known. The total project cost was US $749 million, of which US $313 would be spent on phases I and II by 2015. On May 11, 2011, the concession contract was signed between the Republic of Peru and APM Terminals Callao. As of March 2014, Terminal Investment Ltd. (a subsidiary of the Swiss company Mediterranean Shipping Co. MSC) acquired 29% of the shares in the project company from APM Terminals, which kept a 51% stake. The other shareholder in the project was the Peruvian group Unimar (20%). The concessionaire began operating the facility on July 1, 2011. In June 2013, the sponsor was granted a US$ 217 million loan from the IFC to finance the expansion of its facilities under Phases I and II (US$ 75 million A loan; and US$ 142 million B loan). There will be an expansion to further phases in 2015. Check for updates