Saigon Premier Container Terminal

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In June 2006, Saigon Premier Container Terminal (SPCT), a joint venture between P&O Ports (80%), now under Dubai-based DP World, and Vietnam's state-owned Tan Thuan Industrial Promotion Company (20%), was granted an investment license for 44 years. This Build-Operate-Transfer project would involve the development of 950 meters of quay line, 40 hectares of adjoining land and 10 ship-to-shore cranes and associated equipment at a total estimated cost of US$200 million. Once fully constructed, the total annual capacity of this terminal would reach in excess of 1.5 million TEUs. This terminal would be developed in phases in line with demand growth, with the first two of four berths scheduled to begin operation in 2009. Saigon Premier Container Terminal would be located along the western shore of the Soai Rap River and the main construction began with TOA Corporation of Japan as contractor. In July 2007, DP World appointed ANZ Investment Bank, Calyon, DZ Bank and HSBC as lead arrangers for the financing of its US$200 million port facility. The financing was completed in equity of US$92 million and in debt package of US$108 million, which consists of a US$100 million term loan and a US$8 million revolver. Financial closure was reached in January 2008.