PT Jakarta International Container

Active

PT Jakarta International Container Terminal (JICT) won the tender to build, rehabilitate and operate Jakarta International Container Terminal with a bid of US$ 215 million. The company received the 20 year contract to manage the container terminal ports I and II at Port of Tanjung Priok after which time the facility was to be returned to the government. In March 1999, the state-owned port operator, PT Pelabuhan Indonesia II (Pelindo II) divested a 51% equity share in JICT to Grosbeak Ltd. - a wholly-owned unit of Hutchison Port Holdings (HPH). As of Dec. 31, 2008, HPH - a joint venture of Hutchison Whampoa Ltd (HWL) (80%) and PSA Corp. (20%) since 2006 - had a 51% equity interest in PT Jakarta International Container Terminal, equating to a 41% share for HWL and a 10% share for PSA Corp. The remainder of the equity (49%) was owned by Pelindo II. The company also planned to provide software and technical assistance amounting to US$28 million. The capacity of 1.8 million TEUs was to be boosted by 500,000 TEUs. The total amount of investment over the 20 years was expected to reach US$ 340 million to improve handling, maximum utilization of berths and container yards. Then the project of its expansion was planned. Once completed, this terminal would be able to handle up to 3 million TEUs of container in 2011, developing approximately 32 ha of container yard, roads, parking and an administrative facility. In August 2008, JICT announced that US$ 100 million of the investment would be used for terminal infrastructure and the remaing US$ 60 million would be used to purchase more loading/unloading equipments for the quay. Financial closure of this expansion project was reached in December 2009, as JITC secured a loan of US$ 70 million (US$40 million 5 year B loan and US$30 million 7 year A loan) from the International Finance Corporation and a HSBC syndicate.